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This is quite involved. My husband and I co-signed for our

Grandaughter to get a house, Her...
This is quite involved. My husband and I co-signed for our Grandaughter to get a house,
Her partner was the working person, so she is not on the Deed. Her fiance is. He as of now is incarcerated since February. She continues to live there with her four children. She got behind on her payments, but caught up on the payments. She is trying to get a different
Mortgage in her name and take our names off of it. What does she need to do to get his name off of it. How can she get a notary and a form of some kind for him to sign it over. He is willing to do so. Thank You
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Answered in 10 minutes by:
8/16/2013
socrateaser
socrateaser, Lawyer
Category: Real Estate Law
Satisfied Customers: 39,498
Experience: Attorney and Real Estate broker -- Retired
Verified
Hello,

If your granddaughter is not on the deed, then she cannot possibly refinance the property, because she doesn't have any legal ownership interest. She would first have to obtain a quitclaim deed from her partner, granting her sole ownership. Once she does this, if she can qualify for a loan independently (or, perhaps with you as a cosigner), then she could pay off the existing loan and she would be the sole owner and borrower (or coborrower).

This transaction could all be done at once. The quitclaim from the partner could be deposited with a settlement attorney or escrow/title company, the loan negotiated as part of the escrow -- in effect, the transaction would be a purchase by your granddaughter from her partner -- the price would be the loan value.

It may seem like a complicated transaction, however the only really complicated issue it to get the incarcerated partner to agree to the transaction and sign the quitclaim.

Hope this helps.
socrateaser
socrateaser, Lawyer
Category: Real Estate Law
Satisfied Customers: 39,498
Experience: Attorney and Real Estate broker -- Retired
Verified
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Hello again,

I see that you rated my service as "OK." Experience tells me that customers who rate at this level are generally not entirely satisfied with the service received. If you require further clarification or assistance with this question, please let me know and I will try to help.

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SmilePlease, I am finished with questions at this time. I am very satisfied. Thank You. I didn't really know how to rate. It was great answer. Thanks again.

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