Posted on: 08th Sep, 2011 04:11 am
i have paid my neighbor's morgage for years. i want to have ownership of her home transferred to me. her lender is hfc. (could things get any worse?) they refuse to refinance; they are maintain that they are not in the business of issuing mortgages. is there any way i can have the deed transferred to me without refinancing? can i even have my name put on the deed without a hassle? does the fact that she is no kin of mine have anything to do with it? i know you've dealt with similar issues, e.g. novation, but i don't get it. thanks for any help. b.
if the party that holds the deed is willing to add you, then you can complete a quit claim deed, to add your self to title. then you would determine how you would hold title, joint tenants, tenants in common etc. to refinance, you dont have to use the existing lender. if you can handle the mortgage in your own name, then you would just have a sale completed, or do a refinance to add your name along with the current party. now you would be on title, and on the loan. but fyi, being on the loan does not make you a property owner, more of a debtor. the ownership comes from title...your problem would arise if you are on title, and some how the payments are not made and the home gets foreclosed on. to get full credit and tax breaks, you want to be on loan, title together. good luck!