Posted by hollibv on August 18, 2004 at 02:37:52:
You can quit claim it with shared ownership, this will established shared ownship only (cousins will not be liable). The loan is yours alone, unless you refinance as co-owners and payoff the original loan. Until then, the financial obligation is all yours. Financial institutions frown on bad credit and loves the opportunity to shift the risk to someone with good credit. I just hope your cousins continue to pay their share of the mortgage. Unfortunately, the bank only see this as Your responsibility.
Title Question - Posted by Domenic
Posted by Domenic on July 06, 2004 at 16:31:55:
Hi Everyone,
Hope everyone enjoyed the holiday weekend!! I recently purchased a house under my name only. My cousins are considered owners because they are splitting the mortgage w/me, and gave me 2/3 of the down payment. There credit was shot when we decided to do this, so I put the house entirly under my name. How can I add them to title? The title co. said I couldnt. Is there anyway to add them on to the loan, so I don’t have all of that exposure. my main concern is to add them on to the title and if possible the loan. Any advise would be greatly appreciated.
Thank You,