If 1 spouse takes sum of money the other the home, signs a contract, does the name have to come off the loan?
Little Blossom asked:
Our names are both on the loan. He is willing to allow me to buy him out. But I cannot refinance a new loan and be able to afford to buy him out. If we have a notarized contract that states he releases any interest on the home with the address and loan number, in exchage for the lump sum and some of the articles in the house will it be legal as a settlement?
We make an agreement, I keep the loan we have, give him a lump sum to release his repsonibility on the loan and I continue to pay the loan I have.instead of refinancing a new one just to get his name off the mortgage. If we have a contract that is notarized he releases responsiblity of our current loan and I take over payments, is this going to be a legal document is the question?
So far Randy has the best advice!
So far Randy has the best advice!
TODD
Our names are both on the loan. He is willing to allow me to buy him out. But I cannot refinance a new loan and be able to afford to buy him out. If we have a notarized contract that states he releases any interest on the home with the address and loan number, in exchage for the lump sum and some of the articles in the house will it be legal as a settlement?
We make an agreement, I keep the loan we have, give him a lump sum to release his repsonibility on the loan and I continue to pay the loan I have.instead of refinancing a new one just to get his name off the mortgage. If we have a contract that is notarized he releases responsiblity of our current loan and I take over payments, is this going to be a legal document is the question?
So far Randy has the best advice!
So far Randy has the best advice!
TODD