If the co-borrower has to take over payments can that person also get the deed but in just thier names?
William J Acres (William_Acres)
#74 ranked lender in Arizona - 8,728 contributions
all parties have to sign to release someone from the deed.. if the ownership changes, then this could trigger the "due on sale" clause included in most note's.. even if the person was removed from the deed, it will not remove them from the mortgage.. they would still be obligated to pay if the other party does not.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com
Thank you the other person on Mortage and deed is getting ready to not pay, He has been collecting rent on the house now for 5 years with out me receiving a dime I am willing to take over the payments as co-borrower but don't want him to be able to rent it out again and collect money on a house that I am going to be paying for.He also thinks I have no right to even be at the house even tho I am on the deed also
Phil Dumouchel (PhilDu)
#32 ranked lender in South Carolina - 2,249 contributions
Sure, if the other person(s) on the deed/title will sign over their interest to you.
Ron Pippin (RonPippin)
#26 ranked lender in Utah - 158 contributions
It's called a "quit claim deed". But remember if they sign over the property, the person on the mortgage is still obligated to pay for the mortgage even if they are not on the title.
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