Posted on: 02nd Jun, 2013 03:25 pm
Hi, I have a question on gifting over property....My husband made a bad building puchase, in which the other party hung him out to dry, therefore he had to file bankruptcy almost two years ago this upcoming august . We purchased a new home last april (2012) and had his mother put it in her name, my husband has been making all the mortgage payments from our account. My question is how do we go about getting her to gift it over, or somehow removing her from house....All responses much appreciated....Thanks....
hi betty,
your husband's mother can sign a quitclaim deed and transfer the property to him. however, in order to get the mortgage transferred in his name, he will have to refinance the mortgage. in order to refinance the mortgage, he needs to meet all the required criteria of the lender.
your husband's mother can sign a quitclaim deed and transfer the property to him. however, in order to get the mortgage transferred in his name, he will have to refinance the mortgage. in order to refinance the mortgage, he needs to meet all the required criteria of the lender.
Hi betty!
Welcome to the forums!
Just after 2 years of bankruptcy discharge, he won't be able to get a conventional loan. He may have to go for a FHA loan.
Feel free to ask if you've further queries.
Sussane
Welcome to the forums!
Just after 2 years of bankruptcy discharge, he won't be able to get a conventional loan. He may have to go for a FHA loan.
Feel free to ask if you've further queries.
Sussane