Posted on: 31st Mar, 2010 01:02 pm
My uncle has a house thats still got a morgage on it. He's no longer able to make payments. I would love to have the property, and he's more then willing to let me have it, but I don't know the best way to go about it. Rent to own, a quit claim? Please help
Hi buddhachubz,
You can ask your uncle to quit claim the property to you. Thus, you would become the owner of the property. After that, you can refinance the loan and get it transferred in your name. This will make you responsible for both the property as well as the mortgage. You would be liable for the mortgage payments henceforth.
Take care.
You can ask your uncle to quit claim the property to you. Thus, you would become the owner of the property. After that, you can refinance the loan and get it transferred in your name. This will make you responsible for both the property as well as the mortgage. You would be liable for the mortgage payments henceforth.
Take care.
Sorry, I've got anothe question now. My uncles taken out two prior morgages on the house, but it is more then 65% paid off. I don't want to have to refinance, and would have no problems with the current morgage payment. If I do a quit claim for the propety, but don't change the name on the morgage(which he's okay with) If he ever files bankruptcy or default for anything, will I loose the home?
Once your uncle quitclaims the property to you, the lender may ask you to refinance the loan. Moreover, it is true that if your uncle files for bankruptcy he will have to list the debt in his filing. However, as the property will not be in his name, his creditors won't be able to come after this home or place a lien on it.
THANKS!