My mom and I are on the deed. Home in N.J. Mom lives in N.Y. Can we do cash out refinance?
Posted by admin | Under Cash Out Refinance Sunday Nov 23, 2008
if you have equity in the home and qualify for a loan, you sure can. I'm assuming that you will be doing the leg work as mom is in NY. Is mom going to apply or is she just signing since she's on title? Either way, if you don't want to involve mom too much, see if she will get grant you power of attorney. This would allow you to sign for her. This power of attorney could be broad and sweeping, meaning you could control all matter for the refi and beyond, or you could make it transaction specific, meaning for the refi only. Do one thing though, and speak with the lending institution about this as they would have to approve the power of attorney, and get a New Jersey durable power of attorney. Some counties can and will reject another states power of attorney, I've seen it happen. New Jersey isn't too bad, but things change, so it's better to be careful. your mom could also come to town for the closing as well, so it's really up to you two. let me know if you have any questions
if you have equity in the home and qualify for a loan, you sure can. I'm assuming that you will be doing the leg work as mom is in NY. Is mom going to apply or is she just signing since she's on title? Either way, if you don't want to involve mom too much, see if she will get grant you power of attorney. This would allow you to sign for her. This power of attorney could be broad and sweeping, meaning you could control all matter for the refi and beyond, or you could make it transaction specific, meaning for the refi only. Do one thing though, and speak with the lending institution about this as they would have to approve the power of attorney, and get a New Jersey durable power of attorney. Some counties can and will reject another states power of attorney, I've seen it happen. New Jersey isn't too bad, but things change, so it's better to be careful. your mom could also come to town for the closing as well, so it's really up to you two. let me know if you have any questions
References :
7 years mortgage industry experience