Question by : Can a person on the title but not the mortgage stop me from refinancing?
I have a loan contract with a person on the title (individual property grant deed) in which the contract for the loan “shall continue until the property is sold”. Even though I am not selling the property, I have offered a buyout amount for his 10% share and he is threatening to block any refinancing unless I meet his demand for a buyout amount. We differ on the appraisal amount of the property. My appraiser was approved by my lender and is a Certified Residential Real Estate Appraiser in California and I have no idea if or what type of appraiser he used. Can he do this even if he is not and will not be on the original mortgage or the refinanced mortgage? Would it be better to rescind the offer and just wait to pay him when I sell at a later date? Please let me know if you have any ideas on how to handle this situation.
Answer by Tony
i would post this question in Business & Finance >you may get better answers
What do you think? Answer below!
try in finance and or law and ethics~you will probably get a better more accurate reply there~
i live in the UK so not sure of your legal system~but this is what i would do
Ask at your bank~or loan company
they should be able to help
sorry all i can suggest ~hope it is of some help
Yes. The person on the title can block your attempt to refinance.
You can wait to sell, but he will have the same veto power over any contract offer as well.
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