I bought a house over a year ago. My dad had to co-sign the mortgage for me, so my name and his name are on the mortgage, and the property. I'd like to remove his name off the property for medicaid purpose. Is this possible? and how? Thanks.
2007-01-29 01:42:25 · 5 answers · asked by intel 1 in Business & Finance ➔ Renting & Real Estate
I'd like to remove his name off the property, so that he is not a home owner. His name can still be remained on the mortgage.
2007-01-29 01:49:35 · update #1
Have your dad sign a quit-claim deed over to you for his half of the property. He'll still be on the loan, but not on title. You can go to your local title company for help.
2007-02-02 06:10:04 · answer #1 · answered by Marcus 3 · 0⤊ 0⤋
In most states (if not all), you will be required to refinance the property in order to get another person's name off of the mortgage.
You will get your best answer from your mortgage company, but I'm fairly certain that that's the answer they'll tell you. Check with them before doing anything else.
2007-01-29 01:47:47 · answer #2 · answered by Jerry Hayes 4 · 0⤊ 0⤋
The only way to take your father's name off of your property is to refinance the house in your name. If people tell you to just sign a "quit claim deed" his name will be off of the deed but not off of the bank note.
2007-01-29 01:48:04 · answer #3 · answered by answerman 3 · 0⤊ 0⤋
As long as your dad co-signed for you, his name is as good as carved in stone. If you are applying for medicaid, it's unlikely that you will be able to get other financing on your own.
The below links will help you come to an informed decision.
2007-01-29 02:08:36 · answer #4 · answered by north79004487 5 · 0⤊ 0⤋
only if your mortgage company allows it.
If they required your dad to co-sign, they probably wont let him off of it.
2007-01-29 01:46:47 · answer #5 · answered by Kutekymmee 6 · 0⤊ 0⤋