I bought a house with my brother and I want out, he's willing to keep the property but we cannot afford refinancing. please help!!!!
2007-07-17 15:13:41 · 6 answers · asked by Arkham 1 in Business & Finance ➔ Renting & Real Estate
sell your portion to him...
good luck
2007-07-17 15:17:05 · answer #1 · answered by Blue October 6 · 0⤊ 0⤋
See if the loan is assumable. Talk to your lender. If it is it is a lot cheaper then refinancing and terms and rate doesn't change. Otherwise, refinancing is your only option. Do NOT quit claim him the property without doing this first!
CA Lender
2007-07-18 04:27:31 · answer #2 · answered by lenderjayne 3 · 0⤊ 0⤋
You will remain on the loan until it is refinanced. Lenders will not remove one of the co-borrowers without refinance.
2007-07-17 23:48:20 · answer #3 · answered by acermill 7 · 0⤊ 0⤋
In very limited cases, your lender may allow your brother to do an assumption, where he requalifies all on his own, and they release you from your obligations.
It's easier to do if you happen to have an FHA or VA loan, or some conventional ARM loans. If you have a conventional fixed-rate loan, it's generally prohibited.
Only way to know for sure is to talk to your current lender.
2007-07-18 15:12:58 · answer #4 · answered by Yanswersmonitorsarenazis 5 · 0⤊ 0⤋
There is no incentive for a mortgage company to take someone off the responsibility for the debt.
2007-07-17 22:21:56 · answer #5 · answered by Mark M 3 · 1⤊ 0⤋
You must refinance to get your name off the loan.
2007-07-17 23:29:07 · answer #6 · answered by godged 7 · 0⤊ 0⤋