Question
can i take a 20% loan ine one owners name and 80% on two peoples name on a mortgage??
i own a property together with my friend and my name is not in the title. we are planning to refinance the place and how can i add my name on title of the house?? do my name need to be in the mortgage also or only in the deed and how good and safe is that for the future if we want to sell the property??we have two mortgages on property and both are on his name now and we are planning to refinance 80% loan and can my name also be included in 80% loan. i want to add my name to title durin refinacing, and what are the best ways to do deal with this mess??
2 years ago - 4 answers
Best Answer
Chosen by Asker
sorry , u have a financial and legal liablity nightmare. u need serious legal consul to create a real 'partnership' that can be dissolve with out blood.
Source(s)
foreclosure server , seen the movie - know the ending
by robert w
2 years ago
Asker's Rating: 
Other Answers
You should refinance to add your name to the title. Your name is allowed to be on the deed only, if the other owner is okay with taking all legal responsibility for paying the loan and allowing you to just be an owner. To make it fair, you should both be on the loan and the deed, but again, as long as the other owner qualifies for the loan on his own merits, then he could get the loan in his name only and add you to the deed. Just remember that as of right now, you do not own a property with your friend b/c you indicated your name is not on the deed.
by Matt K- 2 years ago
First, if your name is NOT on the TITLE, you DO NOT own the house. Second, you can't refinance something you don't own. In order to refinance with your names on the loan, you would need to have your name quit-claimed onto the property, and then it would have to be refinanced in BOTH of your names to make you equally responsible for both ownership and the notes. You don't state what your relationship is with this person other than they are a friend....this person would be very foolish to just give away 20% of their equity to you, because that is what you would have, with ZERO investment in the property.
by Mary B- 2 years ago
Go to hudsonslending.com You can talk to knowledgeable loan officers and they have many different loan plans you can choose from. maybe they can help you with what you need . They did us right.
by shotgun1965@sbcglobal.net- 2 years ago