2007-01-04 09:17:15 · 6 answers · asked by Joanne C 1 in Business & Finance ➔ Renting & Real Estate
It's called refinancing. That's it. You have to go qualify for a new mortgage by yourself (without the other perso who's on it now) and pay off the first note by getting a new one.
If you needed cash out for anything, now's a good time.
2007-01-04 09:23:16 · answer #1 · answered by Anonymous · 0⤊ 1⤋
Essentially, the one staying on the mortgage buys the other person out, the old mortgage is paid off, and a new mortgage is started under the remaining owner's name. The other person will have to sign off on it.
2007-01-04 17:22:05 · answer #2 · answered by Phoenix, Wise Guru 7 · 0⤊ 0⤋
As what everybody says you must refinance your loan first. then the mortgage company will set-up a QUIT CLAIM DEED with an attorney for you while it is being refinanced. What that is, is a deed that your other partner has to sign to remove his or her name from the deed. They do this so that the other person knows that their name will be taken off the actual deed. They will sign this wuit claim deed at the closing of your refinancing.
If you are in New Jersey or New York call me and I will be able to help you.
201-390-7591. or e-mial me @ johntanion@yahoo.com for anymore question.
2007-01-04 17:33:45 · answer #3 · answered by John T 2 · 0⤊ 0⤋
You would have to talk to the bank to see if you are eligible to pay the mortgage yourself - if they agree you can then get a solicitor to apply to the Land Registry to have the other person taken off the title deeds
2007-01-04 17:30:10 · answer #4 · answered by toon_tigger 5 · 0⤊ 0⤋
You are going to have to re-finance. You will need the permission of the lender because the loan was based on both people's records.
2007-01-04 17:20:32 · answer #5 · answered by Anonymous · 0⤊ 0⤋
tipex
2007-01-04 17:25:39 · answer #6 · answered by tarrot 2 · 0⤊ 0⤋