Need help - Take me off the Mtg!

[bimmere92]

I purchased a house a few years back with a friend in hopes of flipping it. Market crashed and we held onto it, renting it out to friends.

Today... My friend would like to move into the house, pretty much buying me out. I am fine with that however am under the assumption that I cannot be removed from the mortgage unless we refinance... Is there anything else that can be done? I am sure he wont even qualify by himself!

I know the lawyers can deed it to him or something, pretty much taking me off the title but not the mortgage... I am not comfortable with that. I would rather be clear of any connections to this house.

It's a long shot... It probably can't be done, but just want to make sure before I take the next step.

Thanks!

[TomcoPDR]

This doesn't answer your question, but :thumbsup: +1 to be COMPLETELY out of the picture, no names attached, no "I promise I'll keep paying the mortgage with your name on it BUDDY"

This could be a case where the bank rep could get an answer for you?

But like I said, excellent mind set on this. Clean cut.

[Toma]

Being an older mortgage... is it not assumable?

[01RedDX]

He can assume the mortgage or refinance under his name. Either way, you both have to go to your issuing bank, and to a lawyer.

[barmanjay]

Pm'd with someone who might be able to help

[Sharpie]

Originally posted by Toma
Being an older mortgage... is it not assumable?
I am pretty sure in order for his buddy to assume the mortgage he would have to qualify... and i think they are trying to avoid that

[bimmere92]

Originally posted by Sharpie

I am pretty sure in order for his buddy to assume the mortgage he would have to qualify... and i think they are trying to avoid that

Just that. He would have to qualify alone to assume, which may be difficult.

[Antonito]

What did you guys do for a down payment? It seems odd that he has the cash lying around to buy you out but can't qualify for the mortgage.

[Toma]

Are you SURE?

If a mortgage is assumable, you don't have to qualify with the ones from a couple years back. Even some newer ones.

I assumed my last 2 houses... no qualifying. So double check.

[Wrinkly]

Used to be you could assume without qualifying and you still can from a 'legal' standpoint; but due to defaulting many lenders require the assumer to go in and qualify.

That being said, I do believe (someone will no doubt correct me if I'm wrong, and I may well be) that even if the assumer qualifies, then proceeds to default anyway - the lender can still come after the original mortgage holder.

Our first property here was assumed (we had no income and didnt' qualify). The owners were hours away from forclosure so we got a deal and they saved their equity. Lucky for them we're good honest folks and paid our bills. :)

[Sharpie]

Originally posted by Toma
Are you SURE?

If a mortgage is assumable, you don't have to qualify with the ones from a couple years back. Even some newer ones.

I assumed my last 2 houses... no qualifying. So double check.
How long ago did you assume?

[Sharpie]

Originally posted by Antonito
What did you guys do for a down payment? It seems odd that he has the cash lying around to buy you out but can't qualify for the mortgage.
He means assume by buying him out, not paying cash for the house. If his friend had the cash he wouldnt of made this thread

[Antonito]

That's why I asked about the down payment, unless they put 0 down I would imagine it's a decent amount of money, which would further lead me to believe the guy isn't hurting for money

[yellowsnow]

I work at a bank, and you can't take your name off the MTG unless he can qualify on his own. Or he needs to find another co-signor if he can't.

Hope he has really good credit, and a well paying job

[C_Dave45]

Originally posted by Sharpie

How long ago did you assume?

Sorry to bump an old thread...but was looking for assumable properties and came across this.

Alberta is the only province that still allows assumable mortgages. Each individual lender decides whether or not the applicant needs to "qualify".

http://www.calgarymike.com/mortgageassumptions.html


All mortgages in Alberta are deemed by law to be assumable.

And our resident expert Jordon can show you some listings that are "assumable without qualification". I bought my house without qualifying. Even as I signed the papers in front of the mortgage manager I said "Wow this is great...I'd NEVER be able to qualify for a mortgage...Alberta is awesome!" She just shook her head sadly and said "I know...*sigh*"

so they're still out there...fewer and far between, but still there.

[dezmarez]

Originally posted by C_Dave45


Sorry to bump an old thread...but was looking for assumable properties and came across this.

Alberta is the only province that still allows assumable mortgages. Each individual lender decides whether or not the applicant needs to "qualify".

http://www.calgarymike.com/mortgageassumptions.html



And our resident expert Jordon can show you some listings that are "assumable without qualification". I bought my house without qualifying. Even as I signed the papers in front of the mortgage manager I said "Wow this is great...I'd NEVER be able to qualify for a mortgage...Alberta is awesome!" She just shook her head sadly and said "I know...*sigh*"

so they're still out there...fewer and far between, but still there.


There is still probably a cavet on the person who you assumed the mortgage from, usually is is there for at least a year. Meaning if you default, they are going to go to the person who you purchased the property from for the payments.