Questions on Title Process during a Loan Refinance

[cvcondo]

What is the name of your state (only U.S. law)? California.

This is the situation:
In 2003 - There were 3 of us who purchase a new Condo and all shared interest in ownership as a Joint Tenancy. In 2004, the home loan was refinanced in order to cash out on the available equity. It was decided in order to obtain a low rate for the loan, only one of the three (the one with the best Credit Score) would apply for the refinance.

All 3 parties should have still be listed as a Grantor for the property. Apparently, at the time the loan was refinanced in 2004 - there was a Grant Deed presented and signed to a single Grantor. So since 2004 there is only one party listed on the title. I may not have been fully aware that signing this document would sign over my interest, I was under the assumption that I would still be on the title.

My question is to confirm the process of Home Ownership Titles during a home loan refinance. Is having a Grant Deed signed part of the process or why else would that be necessary.

Please advise.

Thanks in advance!

[HomeGuru]

Originally Posted by cvcondo

What is the name of your state (only U.S. law)? California.

This is the situation:
In 2003 - There were 3 of us who purchase a new Condo and all shared interest in ownership as a Joint Tenancy. In 2004, the home loan was refinanced in order to cash out on the available equity. It was decided in order to obtain a low rate for the loan, only one of the three (the one with the best Credit Score) would apply for the refinance.

All 3 parties should have still be listed as a Grantor for the property. Apparently, at the time the loan was refinanced in 2004 - there was a Grant Deed presented and signed to a single Grantor. So since 2004 there is only one party listed on the title. I may not have been fully aware that signing this document would sign over my interest, I was under the assumption that I would still be on the title.

My question is to confirm the process of Home Ownership Titles during a home loan refinance. Is having a Grant Deed signed part of the process or why else would that be necessary.

Please advise.

Thanks in advance!

**A: it would seem that it was part of the process in your case.

[FlyingRon]

Banks are a little reticent to have more owners than are subject to the mortgage. They'll want you to deed away the additional parties. Make sure you understand the implications. The two poorer credit guys are giving away their ownership of the property.