Posted on: 05th Mar, 2007 08:56 pm
i'm acquiring a home through q- claim deed. how would the mortgage part work. my credit is very bad. i'm helping a friend get out of a mortgage and helping myself to a home.
welcome timmy,
you mean you are getting your name on the title to your friend's home. perhaps the loan is in his name and you wish to take up the liability.
the quitclaim will not help you get yopur name on the loan. you can request the lender for novation - a process of transferring loan from one person to another. or else, go for a refinance of the current loan.
you mean you are getting your name on the title to your friend's home. perhaps the loan is in his name and you wish to take up the liability.
the quitclaim will not help you get yopur name on the loan. you can request the lender for novation - a process of transferring loan from one person to another. or else, go for a refinance of the current loan.
will the lender allow me to do a novation, cuz i tried to purchase a home before my friend brought this to my attention and was not approved.
Doing novation isn't easy. I mean the lender may or may not agree. He will be more concerned in whether the transferee can manage the loan.
Hi Timmy t,
Is there a mortgage on the home you are acquiring? And do you want to get such a loan that will help you finance your own home and at the same time pay off your friend's debt?
I may be asking a lot of questions. Please don't mind but then I have to know. Until and unless it's clear, how do I suggest the right way.
Thanks,
James.
Is there a mortgage on the home you are acquiring? And do you want to get such a loan that will help you finance your own home and at the same time pay off your friend's debt?
I may be asking a lot of questions. Please don't mind but then I have to know. Until and unless it's clear, how do I suggest the right way.
Thanks,
James.
hey james,
don't mind the questions, yes to both of your questions.
don't mind the questions, yes to both of your questions.
Ok fine.
Timmy, you can apply for a loan against the home. The loan should cover your home purchase price (minus downpayment) and the existing debt.
The down payment is the amount you put down towards the purchase price. Regarding the credit part, well you can still get approved inspite of having bad credit.
Nowadays there are lenders in the market offering various loan programs to those having poor credit. But they will charge you slightly higher rate of interest in return.
Have you tried out with any lender mentioning what you would do with the loan?
Thanks,
James.
Timmy, you can apply for a loan against the home. The loan should cover your home purchase price (minus downpayment) and the existing debt.
The down payment is the amount you put down towards the purchase price. Regarding the credit part, well you can still get approved inspite of having bad credit.
Nowadays there are lenders in the market offering various loan programs to those having poor credit. But they will charge you slightly higher rate of interest in return.
Have you tried out with any lender mentioning what you would do with the loan?
Thanks,
James.