Posted on: 02nd Mar, 2007 11:54 am
i wanted to buy a house but couldn't qualify so my grandmother had the house financed but i am making all the payments including property taxes. how can i legally have the house put into my name without having to refinance or actually purchase the house and paying extra fees and taxes?
Hi Amanda,
Welcome to Mortgagefit discussion board.
Your grandmother can quit claim the house to you. But that will not transfer the mortgage in your name. It will still be in your grandmother's name. Lender might require the loan to be paid off as title ownership will change or be refinanced in your name.
If you do not want the mortgage to be refinanced in your name then ask the lender whether he will allow assumption. In mortgage assumption the original borrower remains liable for the mortgage while the person assuming it continues to make the payments. But lenders rarely agree on it. You need to contact the lender and know what he says.
If the lender does not agree then you will have to get the loan refinanced in your name or pay it off.
Do let me know if you have any other questions.
Thanks
Blue
Welcome to Mortgagefit discussion board.
Your grandmother can quit claim the house to you. But that will not transfer the mortgage in your name. It will still be in your grandmother's name. Lender might require the loan to be paid off as title ownership will change or be refinanced in your name.
If you do not want the mortgage to be refinanced in your name then ask the lender whether he will allow assumption. In mortgage assumption the original borrower remains liable for the mortgage while the person assuming it continues to make the payments. But lenders rarely agree on it. You need to contact the lender and know what he says.
If the lender does not agree then you will have to get the loan refinanced in your name or pay it off.
Do let me know if you have any other questions.
Thanks
Blue
Hi Amanda,
It's true that you can get the house in your name legally through quit claim. But you need to take the lender's permission prior to this because the loan has been taken by your grandmother. Also, you need to take care of the fact that you repay the loan within the specific repayment period. Otherwise the lender may take away your property if you in order to get back the amount he has offered as loan.
Thanks,
Sara
It's true that you can get the house in your name legally through quit claim. But you need to take the lender's permission prior to this because the loan has been taken by your grandmother. Also, you need to take care of the fact that you repay the loan within the specific repayment period. Otherwise the lender may take away your property if you in order to get back the amount he has offered as loan.
Thanks,
Sara