Posted on: 01st Feb, 2010 06:42 am
Hello,
My aunt wants to give her house to me, I currently reside there for two years and have kept the morgage up. Can she turn everything over to me in the form of Quitdeed? Or will the mortgage company let her transfer to me with poor credit even though I have the means to afford the home?
My aunt wants to give her house to me, I currently reside there for two years and have kept the morgage up. Can she turn everything over to me in the form of Quitdeed? Or will the mortgage company let her transfer to me with poor credit even though I have the means to afford the home?
hi,
your aunt can transfer the house to you through a quitclaim deed. but the mortgage will remain in her name till the time you refinance it in your name. your aunt will have to talk to the lender before transferring the property to you. if they come to know about the change in ownership later on, they may call the loan due and demand the entire loan amount to be paid off. if your credit is poor, you will not be able to refinance the loan. but since you've been making the mortgage payments for the past 2 years, you can check with the lender if they would let you assume the mortgage.
your aunt can transfer the house to you through a quitclaim deed. but the mortgage will remain in her name till the time you refinance it in your name. your aunt will have to talk to the lender before transferring the property to you. if they come to know about the change in ownership later on, they may call the loan due and demand the entire loan amount to be paid off. if your credit is poor, you will not be able to refinance the loan. but since you've been making the mortgage payments for the past 2 years, you can check with the lender if they would let you assume the mortgage.