How can i get a Joint Equity with another person on my home and mortgage liability?
Renting & Real Estate
pandit ji asked:
What do i need to have a joint ownership(joint equity), with another person, on my home for which i currently have a mortgage? I want to have this other person as 50% owner of the home and as well as the loan liability.
The house is located in Orlando FL. US
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What do i need to have a joint ownership(joint equity), with another person, on my home for which i currently have a mortgage? I want to have this other person as 50% owner of the home and as well as the loan liability.
The house is located in Orlando FL. US
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November 14th, 2008 at 7:09 pm
The first step would be try to do a “streamline” refinance with your current. You can’t just sign some one up to assume half your debt. Furthermore, most lenders will not allow a “non occupant co borrower” meaning, all people who are on the loan app have to live in the home. So, you could refinance, with you as the primary borrower and this other person as the co borrower, and therefore jointly assume the debt. Also, if you are married, I am nearly positive that Florida is a community property state, meaning, that even if your spouse is not on the loan to your home, if they live in it they own half.