Can I do a streamline refinance in this case and how will this work?
meandmybabe1014 asked:
Hello all, so to make the situation short and sweet… My fiance and his sister are on the Mtg for a house, all of 3 of us are on the title. We want to get his sister off the Mtg and put myself on it (don’t worry about the finances.. that is all worked out). End result we want it to be just us on the Mtg and the Title. Will a Streamline Refinance work for us ? … and what will need to be done?
Hello all, so to make the situation short and sweet… My fiance and his sister are on the Mtg for a house, all of 3 of us are on the title. We want to get his sister off the Mtg and put myself on it (don’t worry about the finances.. that is all worked out). End result we want it to be just us on the Mtg and the Title. Will a Streamline Refinance work for us ? … and what will need to be done?
Best Regards!
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Tags: End Result, Mtg, Streamline Refinance
February 20th, 2009 at 12:39 pm
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If you are talking about an FHA streamline, then no, you will not. When adding & subtracting a borrower, it is not allowed. You have to be qualified.
February 22nd, 2009 at 4:23 pm
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Sister has to transfer her interest to you two==Deed, getting her off title and you guys alone in title. Then you get a new mortgage. It’s NOT a refi because you aren’t on mortgage. Is mortgage assumable==then maybe. But you have to do a new loan with you and fiance.
So basically you are doing a sale and purchase and need mortgage. . . .the title will change, the old mortgage be paid off and the new established.