Posted on: 13th Dec, 2010 08:51 pm
Can my mother in law purchase a property (via down payment + mortgage), then allow us (my wife and I) to live in the property, and then quit claim the deed to the property to my wife in order to allow her to begin assuming payments on the mortgage?
Here are some further 'twists'...
The ideal situation is this:
My mother in law purchases the home, and now holds the mortgage.
We live in it, paying her whatever the mortgage payment is.
In 6-12 months, she quit claims the property to my wife so that we can officially begin assuming responsibility for the property...
Further questions on this...
...does quit claiming a property like this to a child automatically cause the bank/lender to place them on the mortgage? OR
...does the bank/lender have to somehow approve the quit claim before it can be officially recognized (either by demanding full payback from the mother in law before quit claiming, or by demanding that we are on the mortgage,... which is what we really want... to BE on a mortgage with a GOOD rate.... which we can't get by ourselves because we have lousy credit).
How would this work in Florida?
Also (last 'twist', I swear...)... I have a substantial judgement against me for student loans, soooo....
...in the event that my mother in law can simply quit claim to my wife (her daughter), do I even have to be part of that claim process? Or can I sit on the sidelines and just let my wife claim the property and then just pay on it as 'the shadow man behind the scenes'... :)
And once my wife was on the mortgage, does that mean that I would HAVE to be too? Or could just she be on the mortgage and deed?
Again, we live in Florida (which is pretty bulletproof against wage garnishment, especially if you are head of household like me - my wife has average credit with no income and no income history, I have below average credit but make about 60K per year, and we have a young son).
I think last I looked my credit was around 690, hers around 650.
Here are some further 'twists'...
The ideal situation is this:
My mother in law purchases the home, and now holds the mortgage.
We live in it, paying her whatever the mortgage payment is.
In 6-12 months, she quit claims the property to my wife so that we can officially begin assuming responsibility for the property...
Further questions on this...
...does quit claiming a property like this to a child automatically cause the bank/lender to place them on the mortgage? OR
...does the bank/lender have to somehow approve the quit claim before it can be officially recognized (either by demanding full payback from the mother in law before quit claiming, or by demanding that we are on the mortgage,... which is what we really want... to BE on a mortgage with a GOOD rate.... which we can't get by ourselves because we have lousy credit).
How would this work in Florida?
Also (last 'twist', I swear...)... I have a substantial judgement against me for student loans, soooo....
...in the event that my mother in law can simply quit claim to my wife (her daughter), do I even have to be part of that claim process? Or can I sit on the sidelines and just let my wife claim the property and then just pay on it as 'the shadow man behind the scenes'... :)
And once my wife was on the mortgage, does that mean that I would HAVE to be too? Or could just she be on the mortgage and deed?
Again, we live in Florida (which is pretty bulletproof against wage garnishment, especially if you are head of household like me - my wife has average credit with no income and no income history, I have below average credit but make about 60K per year, and we have a young son).
I think last I looked my credit was around 690, hers around 650.
So what course of action is suggested for people who have judgements against them to actually own property? Can the property be controlled in a trust or a living will so as to make it accessible (and even saelable) for my wife, but in such a manner that my judgement does not put it in jeopardy?
Hi tylerdassman,
It is better to pay off the judgments in full and then try to buy a property.
Thanks
It is better to pay off the judgments in full and then try to buy a property.
Thanks