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 stephba
Joined: 16 Aug 2006
Posts: 2
1.95 Dollars($)
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 Posted: Wed Aug 16, 2006 9:08 pm Post subject: Want to rent mobile home |
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| I live in SC and am retiring and have a mobile home I want to rent. It is still mortgaged and the lot owner says I can not rent it. I was told that I could have the rentor put on my mortgage but they do not qualify. Is there any other option that I can use to let this family live in my home to eventually buy it from me when their credit is better? |
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Caron
Moderator
Joined: 19 Jul 2005
Posts: 1407
Location: florida
236.21 Dollars($)
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| Posted: Wed Aug 16, 2006 9:20 pm Post subject: RE: Rent mobile home |
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Hi Stephba,
I think the only way to allow this family to stay in your property is to transfer a share of your ownership interest through a quit claim deed. Doing this, the family can occupy the property for the time being. Then when their credit gets better, you can transfer the mortgage in their name through Novation or Refinance.
Refer to our section on Quit Claim Deed for more details.
Thanks,
Caron. |
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stephba
Joined: 16 Aug 2006
Posts: 2
1.95 Dollars($)
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| Posted: Wed Aug 16, 2006 9:40 pm Post subject: renting mobile home |
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Thanks for the AMAZINGLY fast reply! I read most of the quit claim deed information and am still fuzzy on a few things...
1. Do I need to inform my mortgage company of the quit claim deed?
2. If I do need to tell my mortgage company that I am doing a quit claim can they require full payment of the mortgage immediately?
3. My plan was to pay the insurance for the first year and the taxes until it is out of my name - do I need to also let the insurance company know and the tax office?
4. And I do not quite understand what I am signing over, according to the quit claim section "The deed implies that the grantor simply transfers his interest but does not guarantee whether the grantor actually has ownership rights on the property", so WHAT exactly am I transfering?
5. Is is possible to have a real estate lawyer word the quit claim so that if they fail to make payments to me that the quit claim would be reversed. In other words, is there a con to the quit claim assuming they move out in the middle of the night in two months?
Basically my understanding is that I am transfering right to live there but that I will still be paying the mortgage which is fine since they will be paying me rent. Is that even close to how this works? Please forgive my lack of understanding of this. And thank you for your help! |
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Caron
Moderator
Joined: 19 Jul 2005
Posts: 1407
Location: florida
236.21 Dollars($)
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| Posted: Wed Aug 16, 2006 10:04 pm Post subject: RE: Mobile home on rent |
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Hi Stephba,
Welcome back.
| Quote: | | Do I need to inform my mortgage company of the quit claim deed? |
You need to inform the mortgage company about the quit claim deed.
| Quote: | | If I do need to tell my mortgage company that I am doing a quit claim can they require full payment of the mortgage immediately? |
I don't think they should disagree, after the entire loan is still in your name and you still bear the responsibility of paying it off. Moreover, through quit claim, you are just giving them the rights to stay there and not a guaranteed ownership of the property. So, the company need not ask for full payments.
| Quote: | | My plan was to pay the insurance for the first year and the taxes until it is out of my name - do I need to also let the insurance company know and the tax office? |
It is better that you let the insurance company and the tax office know about this transfer. The best way to do this is to record the deed at the local County Recorder's Office, so that in case of any dispute they can check it out there.
| Quote: | | WHAT exactly am I transferring? |
You are actually transferring a certain portion of your rights to occupy the property. It does not mean that the family will own it. Rather, they can just stay there till they buy the mobile home. The quit claim does not guarantee that only the family has the right of the property. Anyone else (its you here) may also have rights to claim their share of interest in the property.
| Quote: | | Is is possible to have a real estate lawyer word the quit claim so that if they fail to make payments to me that the quit claim would be reversed. In other words, is there a con to the quit claim assuming they move out in the middle of the night in two months? |
Yes, in fact, it is always better to get the deed prepared by a real estate lawyer. But this does not mean that the quit claim can be easily reversed. Please check in here for more.
| Quote: | | my understanding is that I am transfering right to live there but that I will still be paying the mortgage which is fine since they will be paying me rent. Is that even close to how this works? |
Yeah, your understanding seems to be ok. You are actually transferring a part of rights to live there and while you pay the mortgage, they pay for the rent. |
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