03-02-2012 11:18 PM
Bought a condo two years ago with my brother in law and now he's planning on buying a place and would like to take out his name on the loan. I've been paying the mortgage the whole time. Is there any other way than refinancing? Thanks!
03-04-2012 04:16 PM
Welcome to the ZipRealty community! Thank you for posting in the forums.
I will contact one of the local agents to see if they are able to answer this question for you.
Client Care Specialist
03-13-2012 08:06 PM
If his name is on the loan you will have to take out a loan in your name only and have him quick claim to you. I would talk to a real estate attorney for advice on how to proceed. You are basically buying his half of the condo.
02-15-2013 08:06 AM
I don't know which state you live in so I am not sure if you will need a lawyer to help complete your situation. I would suggest contacting the mortgage company that you are paying the loan to and asking for a payoff to see what you owe so you can settle with your partnet. Ask if the loan is assumable. Assuming a loan is sometimes cheaper than getting a new loan. Maybe you will qualify to assume his portion of the loan. Ask the mortgage company if they would allow him to sell his portion and replace his name with another persons name? Maybe, you can have a different partner on the loan? Or, as already suggested, get a new loan to cover the full amount in your name only. Going to a lender may also help with refinancing a loan to a lower rate if that may help. Good luck with that.