Posted on: 06th Jan, 2010 08:45 am
My mom helped me buy purchasing a home for me and my wife to rent, I just wanted to know if their was any way for her to drop her name and put ours on the home to get her free and clear is their somekind of form i would need to fill out or is that even possible?
hi loya,
your mother can use a quit claim deed in order to transfer the property to you and your wife. however, once there is a change in the property ownership, the lender will want you and your wife to refinance the mortgage in your name. if you do not have the required credit score and income to refinance, your mother will be stuck with the loan.
thanks
your mother can use a quit claim deed in order to transfer the property to you and your wife. however, once there is a change in the property ownership, the lender will want you and your wife to refinance the mortgage in your name. if you do not have the required credit score and income to refinance, your mother will be stuck with the loan.
thanks