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Answers (4)
- Justin Sheftell, "Courtesy Mortgage"
- Contributions:3427
As already mentioned, the "no credit score" owner can remain on title as anon-obligated borrower. This is fairly common practice for a variety of situations. They still need to cooperate by signing some of the loan paperwork, but they won't be obligated on the loan since they do not sign the note.
Some lenders have restrictions on what relationship exists between the obligated and non-obligated borrower, so if you were told a quit claim was required, that could be something specific to that particular lender.
Some lenders have restrictions on what relationship exists between the obligated and non-obligated borrower, so if you were told a quit claim was required, that could be something specific to that particular lender.
- ktipit
- Contributions:2
I was told by my mortgage company that he would have to quit claim the deed. I asked a million times if he really had to quit claim---I am so fed up with this whole mortgage thing.
ktipit
ktipit
- Chris Hacker, "thelendingcoach"
- Contributions:130
The other person can still sign the closing documents, their credit and income do not have to be used. No need to do all that quit claim deed stuff. Sounds like the real issue is that you do not have a good relationship otherwise, they would gladly agree to cut your rate in half.
Mend the realationship first and then do the refi. Both parties remaing on title so there is no risk of losing ownership in the property.
Mend the realationship first and then do the refi. Both parties remaing on title so there is no risk of losing ownership in the property.
- Clay Branch, "Georgia Loans"
- Contributions:7836
If you qualified for the refinance by quit claiming the co-borrower, then you also qualify leaving him on title but off the mortgage. If he is simply on Title and you are not using his income to qualify, then there is no credit pull on him.
Need to refi from current 10.5% rate--tried for a year--spent over lots of money on appraisals etc
Could have gone from 10.5% to 4.75%. The other person on the mortgage did not have a credit score to support the refi. We were going to have the other person on the loan do a quit claim then put him back on the deed after closing. He refused to quit claim, so no we are stuck with this huge interest rate. What else can I do to get out of this mortgage and/or get a lower rate? I would gladly quit claim to him, but am afraid that he won't make the payments and I would be held liable--and my credit would be ruined. What can I do?
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