Question by Tommy: Refinancing A Mortgage?
My friend has an existing mortgage on a condo with an ex-boyfriend. I have been told by a real-estate pro that if she refinances the loan she can get her name off the mortgage and move on with her life.
Obviously the ex-boyfriend needs to give consent to refinance and take control of the loan. My question is what legal abilities does my friend have if he refuses to take the loan from her?
Answer by snowboarder
She doesn’t she entered a legal binding contract to buy the place so unless he lets her out she is sol. she doesn’t have to refinance the loan either he has to refinance the loan to his name.
Give your answer to this question below!
Are you saying that your girl friend wants to re fi her condo – so that her ex can pay the whole loan? Well, I really can’t figure out what you are trying to ask – but if two separate people have purchased a condo together as tenants in common or joint tenants – one has to purchase the condo from the other – and there has to be A BILL OF SALE – relinquishing ownership of the property, oh yes, there has to be CONSIDERATION. Then the party who has the bill of sale – gets to take the BOS to a bank and re fi – in their name, as the sole owner.