I bought a house w/ my sister early this year - we bought everything 50/50. We lived together alone until she got married just a few months ago and I want to move out and get my own place since they're newlyweds. The market is bad right now so we're struggling to 'refinance' for what we bought the house for (the plan was they would refinance under their name and I'd be off the mortg). In short, I would just like to transfer my 1/2 of the mortgage resp to her new hubby who already lives there. I would also transfer the title. I just want to be off the house responsibility and move out. Any ideas how this can be done with 1/2 mortgage in my name? Can I transfer 1/3 my mortgage responsibility to her new hubby?
2007-12-02 08:00:25 · 2 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
sorry, i meant 1/2 mortgage at the very end.
2007-12-02 08:00:58 · update #1
About the only way to "transfer" her new hubby to the existing mortgage is if the current mortgage is assumable. Modern assumable mortgages require that the purchaser meet the lender's standard creditworthiness standards at the time of the assumption. Contact the lender and see if this is possible.
If it's not possible the ONLY way to get off of the mortgage is for your sis and her hubby to refinance in their names. You'd sell your undivided one-half interest to him and they'd get a new loan to pay off the current one and pay you the equity that you have built up, if any.
Whatever you do, do NOT abandon your title to him until the financing is sorted out! If you do that, not only will you no longer have legal claim to the home but you'll STILL be liable for any mortgage payments should they go into default.
2007-12-02 08:07:55 · answer #1 · answered by Bostonian In MO 7 · 2⤊ 0⤋
you can transfer title, but the mortgage is not transferable unless you refin.
However, DO NOT ADD the husbands name WITHOUT refin.
2007-12-02 16:04:20 · answer #2 · answered by Anonymous · 1⤊ 0⤋