Posted on: 11th Sep, 2010 05:32 pm
hi,
my husband and i rent a home in which the current owner no longer wants the home. we are currently making the payments on the home and paying the taxes.
my husband thinks that if he signs over the deed to the house we can just keep on living in it until we can refinance it. i'm opposed to the idea being that our credit is not good and if the mortgage company finds out about the quitclaim deed they might just want to call the loan and we'll lose out on any improvements made to the home.
currently i'm paying lexington law to help me repair it so in the future we may be able to qualify for a loan. we use to own a home in fl the was short sale, which only appears on my husband's credit report since he took out the loan.
what options do we have in order to take possession of the home? please give advice.
the loan amount is 48k, and according to property taxes it appraises at 60k.
my husband and i rent a home in which the current owner no longer wants the home. we are currently making the payments on the home and paying the taxes.
my husband thinks that if he signs over the deed to the house we can just keep on living in it until we can refinance it. i'm opposed to the idea being that our credit is not good and if the mortgage company finds out about the quitclaim deed they might just want to call the loan and we'll lose out on any improvements made to the home.
currently i'm paying lexington law to help me repair it so in the future we may be able to qualify for a loan. we use to own a home in fl the was short sale, which only appears on my husband's credit report since he took out the loan.
what options do we have in order to take possession of the home? please give advice.
the loan amount is 48k, and according to property taxes it appraises at 60k.
Welcome Guest,
Once the landlord transfers the property to you, you'll have to refinance the mortgage in your name. If you don't do so and if the lender comes to know about the property transfer, he will call the mortgage due immediately. Thus, in my opinion, you should improve your credit score first and then ask the landlord to transfer the property to you so that you'll be able to refinance the loan.
Once the landlord transfers the property to you, you'll have to refinance the mortgage in your name. If you don't do so and if the lender comes to know about the property transfer, he will call the mortgage due immediately. Thus, in my opinion, you should improve your credit score first and then ask the landlord to transfer the property to you so that you'll be able to refinance the loan.