Posted on: 16th Apr, 2007 03:58 am
i purchased several properties and they are heading for foreclosure. i thought that i could quitclaim the properties to my sister who has excellent credit, who could then refinance them for me and put me back on track. after she did this after paying the mortgage for 3-6 months i would like to place the properties into a trust in a business name and reacquire them. can i do this and is this the best way to go about solving this problem?
Hi Renierob,
Welcome to forums.
The loan is in your name. Now, if your sister has to refinance the loan, she should have ownership rights on all properties which you have thought of transferring her through quitclaim deed. And, possibly after she pays for the refinance loan for 3-6 months, she can place the properties into a trust in business name. Then you can have the property transferred in your name from the trust.
Your plan seems to be ok. But go for it only when you are sure that you will be able to get a refinance loan at your credit score and financial status. Also, when you refinance, look out for a rate 1.5-2% below your current mortgage rate.
Thanks
Welcome to forums.
The loan is in your name. Now, if your sister has to refinance the loan, she should have ownership rights on all properties which you have thought of transferring her through quitclaim deed. And, possibly after she pays for the refinance loan for 3-6 months, she can place the properties into a trust in business name. Then you can have the property transferred in your name from the trust.
Your plan seems to be ok. But go for it only when you are sure that you will be able to get a refinance loan at your credit score and financial status. Also, when you refinance, look out for a rate 1.5-2% below your current mortgage rate.
Thanks
Renierob, purchasing so many properties together was a mistake and quite expectedly you are not able to keep the payments on time.
The loans are in default but foreclosure has not yet been declared then what you have planned might work. But that also depends whether lender approves the mortgages to be refinanced in your sister's name or not.
Miller
The loans are in default but foreclosure has not yet been declared then what you have planned might work. But that also depends whether lender approves the mortgages to be refinanced in your sister's name or not.
Miller