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b_russ@yahoo.com wrote:
> My friend has agreed to let me buy out their 1/2 interest in our house
> we live in for X dollars. I'll assume sole ownership of the deed and
> mortgage. Currently our names are on both.
>
> Question: Will my mortgage bank (well known national bank) most likely
> allow me to keep the current terms, rates etc. of my mortgage even
> though one person is dropping off the deed and the mortgage?..Or will I
> need to re-qualify? We have a fixed rate loan and a heloc 2nd, with
> about 15% equity. I am hoping I don't need to re-qualify on my own. I would
> rather hear the bad news from you.
Sorry to be the bearer of bad news, but the only way to get the other
person off the mortgage is to refinance. You cannot just remove his
name from the existing loan.
You will need to requalify based on your own personal information.
*I'm not a loan professional, but I have been reading Bob Bruss' Real
Estate Mailbag for years, and somebody asks this question or a variant
every few months. The answer is always the same.
(http://www.washingtonpost.com/wp-dyn/content/linkset/2006/07/11/LI2006071100610.html)
--
Jennifer
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Re: transfering property deed - mortgage
