Posted on: 18th Apr, 2007 08:58 am
i live with my grandmother and help take care of her. she wants to leave the house to me when she passes but she has a 2nd mortgage. i\\\'m not sure if i could assume the loan with my credit history so we were thinking about a quit claim deed, keeping the mortgage in her name and i will just take over making the payments. can we do that legally?
Tiffany, if you want to get the ownership after your grandmother passes then instead of transferring the property right now, she can be asked to make a will naming you as the person to get the house.
That will be lot simpler.
That will be lot simpler.
I'm not sure if she can just will it to me if it has a lein on it from the bank, without me having to assume the loan.
Hi Tiffany,
A will does not get executed until death of maker of the will and has not affect on the mortgage he/she has taken.
Only after your grandmother's death the will be get executed and property transferred to named beneficiary. And by then hopefully mortgage would have been paid off.
Miller
A will does not get executed until death of maker of the will and has not affect on the mortgage he/she has taken.
Only after your grandmother's death the will be get executed and property transferred to named beneficiary. And by then hopefully mortgage would have been paid off.
Miller
Hi Tiffany Pearl,
If quit claim deed is done then lender might allow you to continue the payments or can also ask for the mortgage to be refinanced in your name. First you need to contact the lender & know if he will allow the mortgage to be in your grandmother's name while title is transferred over to you.
And btw, what is your credit score presently, is it too low?
Colin
If quit claim deed is done then lender might allow you to continue the payments or can also ask for the mortgage to be refinanced in your name. First you need to contact the lender & know if he will allow the mortgage to be in your grandmother's name while title is transferred over to you.
And btw, what is your credit score presently, is it too low?
Colin
Hi Tiffany,
Welcome to Mortgagefit discussion board.
What you can do is make a new deed to hold the title as joint tenants with right of survivorship. By doing this after your grandmother dies the ownership of the house will automatically pass over to you without the need for a probate as would be required if she makes a will as Louis suggested. But before doing anything get in touch with the lender and discuss your plans.
Do let me know if you have any other questions.
Thanks
Blue
Welcome to Mortgagefit discussion board.
What you can do is make a new deed to hold the title as joint tenants with right of survivorship. By doing this after your grandmother dies the ownership of the house will automatically pass over to you without the need for a probate as would be required if she makes a will as Louis suggested. But before doing anything get in touch with the lender and discuss your plans.
Do let me know if you have any other questions.
Thanks
Blue
first of all, even if your grandmother conveys you the property through a quitclaim deed, she is still responsible for the loans on the property.
the legal concept of assumption is quite different from what you are thinking of. an assumption is the transfer of loan from the seller to the buyer at the time of purchase. but in your situation, there is no purchase as your grandmother is just transferring her property to you.
however, you can still take over the loan, if not by assumption, then by a novation. but for this, you need to qualify for the loan on the basis of your credit history and financial status.
the legal concept of assumption is quite different from what you are thinking of. an assumption is the transfer of loan from the seller to the buyer at the time of purchase. but in your situation, there is no purchase as your grandmother is just transferring her property to you.
however, you can still take over the loan, if not by assumption, then by a novation. but for this, you need to qualify for the loan on the basis of your credit history and financial status.
can I refinance my property one week after my hubby is removed from title?.....he is not in the loan and he does not want to do nothing with the house!!!!
need info please!!!
need info please!!!
"can I refinance my property one week after my hubby is removed from title?.....he is not in the loan and he does not want to do nothing with the house!!!!
need info please!!!"
Hi Teresa,
As he is not on the loan you can refinance any time and there is no time frame for which you have to wait before refinancing.
You can go ahead; there should not be any problem with it. But do check in if refinancing will be good at this moment and what rate you are getting. If offers are made with lower rates than what it is for your present mortgage then it will be certainly useful to refinance.
David
need info please!!!"
Hi Teresa,
As he is not on the loan you can refinance any time and there is no time frame for which you have to wait before refinancing.
You can go ahead; there should not be any problem with it. But do check in if refinancing will be good at this moment and what rate you are getting. If offers are made with lower rates than what it is for your present mortgage then it will be certainly useful to refinance.
David