I bought a home with someone who wants out, can I refiance without him? Do I need to buy him out? What can be done? if anything?
2007-06-14 15:19:50 · 3 answers · asked by gcruzbx 1 in Business & Finance ➔ Renting & Real Estate
Yes, you basically need to buy him out. If you are qualified to obtain a full mortgage on your own, you can do so and remove him from the title and other mortgage at the same time. Of course, he must be willing and agreeable to this transaction, and it sounds like he is.
2007-06-14 15:26:46 · answer #1 · answered by acermill 7 · 0⤊ 0⤋
You cannot refi the existing loan/mortgage without the other person. You will have to come to some type of agreement to have them removed from the title. If they just want out there is a document that is called a "Quit Claim" which they sign and they give up all future rights to the property.pp
2007-06-14 22:29:11 · answer #2 · answered by ttpawpaw 7 · 0⤊ 0⤋
If he is on title you will have to get a quit claim deed filed or grant deed depending on what state you are in. Now why would he sign the qcd? (if he wants money) For that you would have to refinance the house and pay him off his equity in the house, otherwise he would not have a reason to sign. It will basically be a contract for deed with him and the title company will pay whatever amount you agree on and file the deed they will have him sign to get off the property ownership. You can not do any kind of financing without his approval. Good luck...
2007-06-14 22:26:44 · answer #3 · answered by Ferret Mom in MO 3 · 0⤊ 0⤋