Say two people own a home together and MEMBER1 wants out of the mortgage but MEMBER2 wants everything to stay the same. MEMBER2 doesn’t have a job, but her brother is willing to pay the mortgage for her. MEMBER1 doesn’t care what happens as long as they are no longer on the note with MEMBER2. MEMBER2 doesn’t want to and can’t buy out MEMBER1 or refinance. The brother also doesn’t want to get involved more than just paying the note payment. What can MEMBER1 do, if they need and want to be off of this note so they can pursue other properties? Is there anyway for MEMBER2 to assume this full note?
The only way is to REFI!! And get it out of the others name!!
a quit claim deed in this situation is a really bad IDEA!
If MEMBER1 gives Member2 a quit claim MEMBER1 has no control from that day on!
If brother is going to make the payment have brother get a MORTGAGE in his name! SAVE MEMBER1 the trouble!!
But in this scenario, doesn’t MEMBER1 specifically WANT to not have any further control or other involvement with the property? Sounds like a quit claim would be ideal, unless I’m missing something (entirely possible! )
Oh wait I just realized of course, they would still be on the NOTE just not on TITLE if they quit claimed, is that the problem you’re talking about? They need to be off the NOTE, and yeah… in that case it needs to be refi’d or otherwise turned into another loan.
Can you sell it and have someone use new financing? Graciez
My impression was that MEMBER2 wanted to stay in the house, so selling it would not work unless MEMBER2 wanted to lease back or rent or something… I doubt that’s the case here.