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Shared vacation property,2 married couples on mortg. One couple wishes to Retire and needs to List property TO SELL other refuses.

by etfoy286 from Philadelphia, Pennsylvania. 11 days ago Reply


Bradley Fey (bradfey@truehomemortgage.com)
#3 ranked lender in Pennsylvania - 3 contributions

The other couple could possibly refinance the vacation home as a cash out refinance and put the deed and mortgage in their name only and pay out the owed equity to the other couple the cash out.

11 days ago
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William J Acres (William_Acres)
#2 ranked lender in Arizona - 7,797 contributions

Yes... I've seen this scenario before, specifically as a result of a divorce. In essence, this is what is going on here. .you are divorcing the other couple.. The best option is to do a cash out mortgage and use the proceeds to buy out the other party. For this to work, you will need to have sufficient equity.. if not, then you will need to bring cash to the table to get the loan to value at or below the allowable Loan to Value requirement. Unfortunately, if there was no agreement between both parties a forehand, I do not believe there is anything you can do to force them to sell or refinance, so you might have to give them an incentive. I'm a preferred Lender with California and Arizona being my primary markets. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com NMLS# 226347 / RPM Mortgage NMLS 1541014 / AZMB0121893

11 days ago
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Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 3,446 contributions

The one wishing to remain/retain the property should look into getting a loan for themselves, and buy out the ones wishing to leave with a cash out refinance.

10 days ago
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Leo Harvey (LHARVEY)
#2 ranked lender in Pennsylvania - 140 contributions

Simple answer; The retiring couple is out of luck unless there was an agreement in writing laying out how one party would be able to be removed from the Deed.Yes a refinance may be possible but that could mean a mortgage payment for the remaining party.If there is no agreement then a lawsuit may be the only option with a Court ruling on resolution.

10 days ago
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