If a brother and sister own a home as joint tenants, can one be removed from deed and mortgage without refinancing?
2007-01-03 07:55:29 · 8 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
From what I understand the quit claim deed will only reliquish rights to the property and not liability for loan repayment. I am under the impression that to remove one sibling the loan would need to be refinanced.
2007-01-03 08:02:54 · update #1
Actually just got some good information as it pertains to mortgages in NJ. There are no assumable residential mortgages in NJ. To be removed from the mortgage requires a refinance or death. And yes, either party could sustain the mortgage alone, so that wasn't a concern, just speed and future liability.
2007-01-03 08:24:42 · update #2
Yes with a quit claim deed. How ever if both signed the note then the mortgage company still will hold both responsible. In that case then the only way is to refi.
I am a mortgage banker in Tennessee
2007-01-03 07:58:53 · answer #1 · answered by golferwhoworks 7 · 1⤊ 0⤋
Check with the bank or mortgage company. One MAY be able to sign a Quit Claim Deed, but WILL STILL be on the mortgage until they re-finance.
2007-01-03 07:59:03 · answer #2 · answered by capnemo 5 · 1⤊ 0⤋
No. Banks and mortgage companies never want to let anyone off the hook. If one of the siblings sells out to the other, or just signs off on the deed, it will still be hard to get his or her name taken off the mortgage. You will probably have to start all over with a new mortgage, and you may not get as good a rate as you had before.
2007-01-03 07:57:29 · answer #3 · answered by MOM KNOWS EVERYTHING 7 · 2⤊ 1⤋
No. the mortgage was qualified for based upon both people and their income, credit, etc.
In order to remove one person, it MUST be refinanced.
2007-01-03 08:15:42 · answer #4 · answered by Anonymous · 0⤊ 0⤋
If you both signed the loan you will need to refi to get one off. You better make sure your credit and income qualifies before you make any final decisions because these can be deal killers. If only one of you is on the loan, then the other can be quit claimed off the title.
2007-01-03 08:15:29 · answer #5 · answered by A T 2 · 0⤊ 0⤋
not sure about the refinancing but 1 has to buy the other out
2007-01-03 07:59:59 · answer #6 · answered by baltimore_queene 3 · 0⤊ 1⤋
Probably yes, as long as they agree to it & the company does not have a problem with the qualifications of the sole person. So it is not like person A no longer wants person B on it & can just take them off.
2007-01-03 07:59:02 · answer #7 · answered by ricks 5 · 0⤊ 2⤋
Yes. Get an attorney.
2007-01-03 07:57:44 · answer #8 · answered by Blunt Honesty 7 · 0⤊ 0⤋