My Riverfront Property
I have two rentals on my Riverfront Property. I need to get my daughter's name off my Mortgage, as a co-owner. She and I both want this, as she lives in another State and wishes to buy her own place. She's a single mother and has a good income but with my house in the mix of "debts" she cannot buy another house. I am the one who has made all payments. She has no interest in my property. We both desire to remove her name. What is the easiest and fastest way to remove her as co-owner?
I would like to pay off the mortgage which is approximately $105,000 remaining. I believe the property is worth at least $300,000 now.
I need a personal Loan for pay off and I will re pay at 5%. I can pay up to $2,000/month.
Any ideas?
Where is the property located? Also If I would be interested I would want more interest and/or a baloon based on your credit. If you would like to discuss it further go to my profile and email me. I may be able to help but I would need a location and your credit score.
Thanks,
Kyle
When you say you need a personal loan. I assume you mean a private mortgage. Have you looked into refinancing? If you credit for some reason isn't allowing you to. Try an equity line of credit I don't know who's name is on the deed. If daughter is as well as you - you can have her quit claim her interest or other slightly creative transfer. I would check with your local investment club or hard money lender for lending institutions that like to work with investors (conventional loans) or a small local bank.
There is also the possibility of creating a mortgage and selling it via a broker. The interest is not going to be 5%. Your not going to find much at 5% from anywhere unless you have great credit.
It sounds as if you have confused *ownership* with *responsibility to pay the mortgage*. Removing your daughter as an owner on the deed *will not* remove her from the mortgage, it will simply end any right she has in the property.
To remove your daughter's ownership rights, she can issue you a quit claim deed. Her name will still remain on the mortgage. Be careful, however, since it's possible that such a conveyance could trigger an acceleration clause in the mortgage.
You will need to contact the lender to get permission to remove her from the mortgage. Very likely, the lender will want to issue a new loan in your name alone. If you qualify for a loan on your own, then you won't need a personal loan.
I strongly suggest you contact the lender and a lawyer *before* you do anything.
I guess my post wasn't that clear, but in all reality unless the father declared bankruptcy yesterday he should be able to get financing on this property. It's less than 50% loan to value. A hard money loan would even work for what he wants to pay.
See your investor friendly lender.
you have a couple of options. If your credit does not allow you to get a HELOC to buy your daughter out. how much does she need for a new home? buy her equity below market to get her down ( and she carryback the remainder) even with poor credit you can get a loan on below market value, at a higher rate of coarse, think of getting another invester to buy in to your rentals. A bit more complicated but it would work with a substantial down and offer an equity buy back option, for when you can refinance on your own. Then pay them both off.
I ran into this with an ex-girlfriend.
We would told we could refinace in my
name and she would sign some additional
things to remove her name from the deed.