Mortgage Question - Refinancing

[mmadore]

What is the name of your state? VERMONT

My father-in-law's house has my wife's name on the deed but not the mortgage. Is there a way for us to buy the house from him through a home equity or to just buy out the mortgage since her name is on the deed already? We're looking to buy it from him and make him move. He has made life next door unbearable and said if the kids wanted the house then we'd have to buy it.

Thanks

[Samm1970]

Yes you can refinance the home into your wifes name as long as the father-in-law is agreeable and signs the paperwork. A new first mortgage is probably the way to go since 1st mortgage rates are still far better than equity rates.

Your lender and title company will take are of the necessary paperwork.

Make sure to have an agreement drawn up by an attorney so everyones on the same page.

[HomeGuru]

Originally Posted by mmadore

What is the name of your state? VERMONT

My father-in-law's house has my wife's name on the deed but not the mortgage. Is there a way for us to buy the house from him through a home equity or to just buy out the mortgage since her name is on the deed already? We're looking to buy it from him and make him move. He has made life next door unbearable and said if the kids wanted the house then we'd have to buy it.

Thanks

**A: see a mortgage broker.

[BriantheBanker]

I like the first reply best. Your wife can refinance because she is on title (if dad will sign off.)
*The Lender may want to see a mortgage/rent payment history for 12 months.
make sure dad agrees to a payoff figure, or getting him to sign off may be tough.

I don't see a need for an attorney (if you can agree to a payoff figure.)
The title company is a third party who will ensure the paper work is closed properly.

[Samm1970]

Brian, while you look great in that blue dress you cannot include your website as it's considered a solicitation. If I can't solicit, either can you.

[HomeGuru]

Originally Posted by Samm1970

Brian, while you look great in that blue dress you cannot include your website as it's considered a solicitation. If I can't solicit, either can you.

**A: the word is neither, as in neither can you. But you have a good point; either Brian deletes his url reference in his posts, or he will be deleted.

[Samm1970]

Thanks for the support and the english lesson.

[HomeGuru]

Originally Posted by Samm1970

Thanks for the support and the english lesson.

**A: know problim.

[Samm1970]

hee hee hee