Legal Question in Real Estate Law in Virginia
Adding/removing names on mortgage and title
We have a mortgage that is
currently under two of my siblings
names. We would like to remove
one sibling and add three others
onto the mortgage. Is it possible to
do this through a refinance?
2 Answers from Attorneys
Re: Adding/removing names on mortgage and title
During a refinance, the first mortgage is completely paid off and eliminated. Therefore, it does not matter what the old mortgage was. It no longer exists, because it is paid off. So the old mortgage does not play any role in the question.
The only question is whether the new group qualifies for the new mortgage and is approved to borrow the money. Because mortgages fit into various categories, there may be a question about whether they are residents of the house as well as just borrowers. Certain loans are only available to people who live in the house. But there are loans out there that would work, if their credit score and income is sufficient.
Re: Adding/removing names on mortgage and title
Sure, if the current or new prospective lender would be agreeable.
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