Posted on: 14th Feb, 2008 07:36 am
My sister was denied finacing to purchase my mobile home. She really wants my home and is willing to give me $5k every year until it is paid off, if I leave it in my name and add her to my lease. I cannot sell it and wanted to know if I could quick claim it to her. I owe $38,000.00 on it and plan on moving to AZ when I retire in 9yrs or less. I live in MI and nothing is selling especially mobile homes.
Your lender probably won't let you transfer the property to your sister.
Your best bet is to execute a purchase contract for the mobile home with your sister with title passing at the end of the contract when it is all paid off.
Your best bet is to execute a purchase contract for the mobile home with your sister with title passing at the end of the contract when it is all paid off.
Hi Gina,
Welcome to the forum.
I think you should inform the lender and take his permission before you transfer the mobile home to your sister.
If you transfer the property to your sister and she does not finance it on her then you will still be responsible for the mortgage and the lender will not agree for that. I think if your sister "really wants" the mobile home then she should finance it in her name.
Feel free to ask if you have any further questions.
Thanks,
Larry
Welcome to the forum.
I think you should inform the lender and take his permission before you transfer the mobile home to your sister.
If you transfer the property to your sister and she does not finance it on her then you will still be responsible for the mortgage and the lender will not agree for that. I think if your sister "really wants" the mobile home then she should finance it in her name.
Feel free to ask if you have any further questions.
Thanks,
Larry
Larry she stated that her sister can not get the financial backing for the home. I would do as jheard says to do. goodluck, hope this works out for you and your sister.