Canadian moving to US - Mortgage Questions

[jsgriff 0]

Hi VJer's.

This question is for any Canadians that married a USC and owned a home in Canada. My questions are:

If I have a co-sign for the ownership already, can they still live in the house without me?

Will I be penalized in any way?

Can I sign it over to them fully without penalty??

Thanks again for your help, VJ is the best, I can't wait to understand everything like some of you so I can help others as well !!!

[radsr2002 0]

Hi VJer's.

This question is for any Canadians that married a USC and owned a home in Canada. My questions are:

If I have a co-sign for the ownership already, can they still live in the house without me?

Will I be penalized in any way?

Can I sign it over to them fully without penalty??

Thanks again for your help, VJ is the best, I can't wait to understand everything like some of you so I can help others as well !!!

I would think that as long as the note is met each month, they could careless who lives there.

As for signing the note over.

That would be better directed @ your loan officer @ the place you got the loan thru.

Rick

[MargotDarko 0]

Hi VJer's.

This question is for any Canadians that married a USC and owned a home in Canada. My questions are:

If I have a co-sign for the ownership already, can they still live in the house without me?

Will I be penalized in any way?

Can I sign it over to them fully without penalty??

Thanks again for your help, VJ is the best, I can't wait to understand everything like some of you so I can help others as well !!!

Have you been to the Canadian folder? Scroll down on the main forum page and you'll see it under the Regional section.

[trailmix 77]

Hi VJer's.

This question is for any Canadians that married a USC and owned a home in Canada. My questions are:

If I have a co-sign for the ownership already, can they still live in the house without me?

Will I be penalized in any way?

Can I sign it over to them fully without penalty??

Thanks again for your help, VJ is the best, I can't wait to understand everything like some of you so I can help others as well !!!

Hi jfo,

A lot of this depends on your mortgage and how it is set up. There are also implications for your house insurance.

Although you have a co-sign for your house, I assume they are not named as an owner? Some mortgage companies stipulate that you must live in the house, that it must be your principal residence. Same with your insurance policy - assuming it is in your name, they will probably want to know if you aren't living there (whether you choose to tell them or not is up to you, however if something happens to your house you can be sure they won't be paying for repairs).

As for the penalty, that again depends on the mortgage company.

You are going to have to call them and discuss it as it will depend on your personal case.