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Old 12-21-2009, 01:22 PM
 
5 posts, read 14,984 times
Reputation: 11

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We (wife and I) bought our primary residence with my in-laws, where their names are on the mortgage but all of our names are on the title. We own a few investment properties and our credit isn't so great, which is the reason why we aren't on the mortgage.

We are now looking to open a HELOC in our names only on the new property, and were wondering if that's doable if we aren't on the first mortgage?

Thanks!
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Old 12-21-2009, 04:26 PM
 
Location: South Dakota
733 posts, read 4,080,296 times
Reputation: 710
How the heck did your in-laws get the first mortgage if all the record title owners didn't grant a mortgage interest to the lender? Did you add your names to the title after the in-laws executed the mortgage?
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Old 12-22-2009, 05:29 AM
 
Location: Wake Forest, NC
835 posts, read 3,527,758 times
Reputation: 646
Quote:
Originally Posted by chitown77 View Post
We (wife and I) bought our primary residence with my in-laws, where their names are on the mortgage but all of our names are on the title. We own a few investment properties and our credit isn't so great, which is the reason why we aren't on the mortgage.

We are now looking to open a HELOC in our names only on the new property, and were wondering if that's doable if we aren't on the first mortgage?

Thanks!

Here in NC it would not be a problem to do this if I understand you correctly. 4 people on title, 2 on 1st mortagge(in laws) and 2 on 2nd mortgage(you and your wife). Qualifying for a HELOC is not easy these days so that I believe will be your biggest hurdle.
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Old 12-22-2009, 02:43 PM
 
5 posts, read 14,984 times
Reputation: 11
Yes, we added our names to the title after the execution of the first mortgage. So the mortgage is not on our credit report. When applying for the HELOC, will the bank have a problem if we are not on the first mortgage but are on the title?

Thanks!
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Old 12-22-2009, 03:05 PM
 
305 posts, read 1,110,424 times
Reputation: 297
Your inlaws will need to be on the HELOC, good look getting one in this market with marginal credit. I don't think it is possible.
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Old 03-13-2014, 12:57 PM
 
2 posts, read 3,022 times
Reputation: 10
My husband and myself inherited inherited his mother's house and she is the mortgage holder. We removed her name from title but have not refinanced the first loan from her name. I want to get a HELOC in my name only and am wondering if that is possible. The credit union holding first TD mortgage says they would have to include the payments (PITI) to my debt ratio. The loan is not showing on my credit report and my husband is making the PITI payments. Why would they have to include the loan payments in to my debt to income ratio?
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