Ok, here's the situation. My boyfriend bought a house about 3 years ago with one of his friends. They refinanced back in Nov of 06', since then my bf's roommate/co-owner has moved out and is not wanting the house anymore. However, my bf's roommate is the one that signed the refinance loan (not that my bf wasn't capable, he was the only one on the first loan when they bought the house) I don't know, they just switched for some reason. Anyway, both my bf and his roommate are on the title. Is there anyway that my bf can just go ahead and get a loan instead of having to "sell" the house and "buy" it again even if his name is no the title?
2007-11-27 04:49:11 · 4 answers · asked by Go Colts! 2 in Business & Finance ➔ Renting & Real Estate
What exactly is quit claim? The house is selling for less then it was worth a year ago, so there is no interest on it when/if they sell it. Matter of fact, if they sell now, they will end up owing $25,000 plus the penalized amount of terminating the 2 year contract on the refinance loan, so that would be another $8-12,000 on top of that.
2007-11-27 05:40:02 · update #1
What a mess. Good luck trying to get the roomate to sign a quit claim. He's still financially responsable for the loan. If he signs the quit claim, he'd being paying for a house for someone else. What happens if your boyfriend can't get a loan?
2007-11-27 05:29:30 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Not in the least. These are legal recorded documents. In order for your friend to do what you desire, he must obtain a clear title from his partner. That can be done via a quit claim deed quite simply. Your friend will have to obtain financing on his own with the clear title. Since the partner is on the deed, he can cause you quite a bit of problem if he so chooses, such as demanding a given amount of money in hand in return for signing a quit claim deed.
Your BF was not the sharpest knife in the drawer when he got himself into this situation.
2007-11-27 13:10:35 · answer #2 · answered by acermill 7 · 0⤊ 0⤋
If you bf is on the title he can refinance the home but the co-owner will have to sign overhis interest to your b/f at closing or else he will have to be on the loan as well.
2007-11-27 12:55:35 · answer #3 · answered by mazziatplay 5 · 0⤊ 0⤋
you bf needs to refinace the home, in a loan under his name and have the roommates name removed from the title
2007-11-27 12:54:39 · answer #4 · answered by Anonymous · 0⤊ 0⤋