I own a house with my partner and we need to refinance the loan?

Deal Score0

my name is currently on the title of the house and I share the loan with him,but now that we are re-financing ,our loan officer has offered him to be on the loan solo and just keep me on te title since my credit score is low and it will cost us more mortgage payment if I want to be on the loan,he doesn’t have the problem with it but I’m not sure about my legal rights on the house if we do that,can anybody explain to me the difference between being just on the title and sharing the loan and title of the house both?
P.S: we live in the state of Georgia if it makes any legal difference .

  1. Reply
    Richard Z
    February 15, 2011 at 4:16 pm

    As long as you are on the title you still own half the property. By not being on the loan, technically you are not liable due to default. This is the best of both worlds for you. If your partner is ok with it, go for it.

  2. Reply
    February 15, 2011 at 4:40 pm

    if you trust (HIM),you don’t have anything to be concerned with.
    you don’t need to be on the loan in order to have an ownership interest
    in the property.adding your name to the title automatically will give you legal
    rights (ownership) and since you are not on the loan papers,you will not
    have any liabilities toward lender .
    you make sure,that your name is added to the title,as soon as re-financing
    is completed.
    in order for him to add you to title,he must sign a grant deed,giving title from
    himself only to himself and you.this grant deed ,then needs to be recorded
    in whichever county the property is located.

  3. Reply
    tommy trump
    February 15, 2011 at 4:42 pm

    its a win/win for you……make sure you stay on the title and you have rights to the house, and if you are not on the mortgage you dont have the liability or the debt!!!

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