Posted on: 17th Apr, 2011 04:24 pm
The property is in Miami Dade, my grandma lives in Jamaica and I live in the UK. Do we both have to go to the States or can we sort it out from where we are? There is also an outstanding mortgage of about $20,000. Can this also be transferred to me?
hi charlene_mc,
as the property is located in miami, you and your grandmother will have to come down to that place in order to get the property transferred to your name. moreover, you'll have to record the property deed in that county recorder's office. as far as the mortgage is concerned, you need to refinance the mortgage.
as the property is located in miami, you and your grandmother will have to come down to that place in order to get the property transferred to your name. moreover, you'll have to record the property deed in that county recorder's office. as far as the mortgage is concerned, you need to refinance the mortgage.
Is refinancing my only option?
hi charlene_mc!
welcome to forums!
you can check out the option of novation but most lenders will prefer refinance over novation.
feel free to ask if you've further queries.
sussane
welcome to forums!
you can check out the option of novation but most lenders will prefer refinance over novation.
feel free to ask if you've further queries.
sussane
Charlene, you don't have to go to Miami to transfer the ownership of the property.
The mortgage situation, however, is a bit more complicated. There is, no doubt a due on sale clause, which also applies for a simple transfer of ownership such as you and she plan. That means the lender will be looking for payoff of the existing debt. Of course, that usually means a refinance is needed. If you can accomplish the payoff without a refinance, wonderful; it you can't then you need to find a method to pay it. That the two of you live offshore complicates things.
What is your citizenship, and are you a full-time resident of the UK? That's going to influence any lender, as they cannot grant loans to overseas citizens who won't reside here in the US.
That may not have answered all your questions, and it may have given you some agita...I hope not.
The mortgage situation, however, is a bit more complicated. There is, no doubt a due on sale clause, which also applies for a simple transfer of ownership such as you and she plan. That means the lender will be looking for payoff of the existing debt. Of course, that usually means a refinance is needed. If you can accomplish the payoff without a refinance, wonderful; it you can't then you need to find a method to pay it. That the two of you live offshore complicates things.
What is your citizenship, and are you a full-time resident of the UK? That's going to influence any lender, as they cannot grant loans to overseas citizens who won't reside here in the US.
That may not have answered all your questions, and it may have given you some agita...I hope not.
