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Three on the Mortgage |
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There are three names on the morgage. We wish to be taken off and make the third party sole owner at his request! Do we do we have to refinance the mortgage? help-live in long island ny thanks |
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You're talking about two different things here. Ownership is one thing, liability on the mortgage is something else. You can make one party sole owner simply by signing deeds turning over your shares to him. But that won't have any effect on the mortgage. If all three of you signed the mortgage, you'll all still remain responsible for it even if you're no longer owners. Yes, if that third party can qualify for a mortgage loan on his own credit and income, he could get a new loan and pay off the old one. But if all of you are still owners, refinancing wouldn't accomplish anything; you'd still all have to sign for the new loan. |
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Edith
Originally published on September 16, 2007 |
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