Posted on: 27th Mar, 2009 01:35 pm
I own property deeded to me by my parets about 8 years ago when my dad got into financial difficulty. It was their primary residence and they continued to live there. I would like to deed it back to my mom (dad died about 5 years ago) and be free of it as she would get a loan on the balance due. Does she have to wait a specified time before acquiring a loan on the property? It's located in the county of Los Angeles.
Hi craehill,
I don't think there is any wait time for getting a loan after quitclaiming the property. You can quitclaim the title back to her and I believe, she would be able to get a loan, provided she has a good credit score.
I don't think there is any wait time for getting a loan after quitclaiming the property. You can quitclaim the title back to her and I believe, she would be able to get a loan, provided she has a good credit score.
She didnt have to wait if the loaning company you are dealing with is very active in commencing your problem.
wow. that seems like my favorite rejoinder.
craehill, there ought to be no delay for your Mom to go obtain a mortgage on the property. in fact, it would be beneficial if she takes steps in that direction prior to your quit claim plan.
craehill, there ought to be no delay for your Mom to go obtain a mortgage on the property. in fact, it would be beneficial if she takes steps in that direction prior to your quit claim plan.
Hi craehill,
Is the loan assumable? If it is and if your mom has got a good credit, I believe she can assume the loan. However, it is upto your lender whether they would allow the assumption. Yes, she can refinance the loan at a lower interest rate later. You should talk to your lender regarding this.
Is the loan assumable? If it is and if your mom has got a good credit, I believe she can assume the loan. However, it is upto your lender whether they would allow the assumption. Yes, she can refinance the loan at a lower interest rate later. You should talk to your lender regarding this.
assumptions are totally up to the lender, but if, as you noted, your mom has excellent credit and can afford the payments (per qualifying guidelines), the it would seem she's a good candidate for an assumption. that would lead, yes, to the possibility of refinancing later.
If my mom assumes my loan am I completely free of this debt?
no. until the loan is paid in full, you are always indebted; unless the lender provides you with a release.
ask them.
ask them.