Posted on: 18th May, 2010 09:30 am
In December of 2009 my husband and I closed on a short sale in Las Vegas. The house we purchased was for and is lived in by his daughter. Because his daughter couldn't get financed (poor credit) we put the home in our name. She did come up with the 20% down. The idea was that if once she gets her credit straightened out we have her put the house back in her name. As of now, we treat the house as a rental. She pays all the bills.
Just recently we have found a new home to purchase here in Ohio. We are having problems selling our current home so it looks like we may have to rent it out. Needless to say, we will have three homes in our name. Two rentals and the one we will be living in.
The planner that I am, I want to protect my stepdaughter's invesment just in case something should happen to our credit or our jobs. Can we put the Las Vegas house in a Trust or Deed it over to her to make sure if anything happes on our end (bankruptcy) she doesn't lose out?
Just recently we have found a new home to purchase here in Ohio. We are having problems selling our current home so it looks like we may have to rent it out. Needless to say, we will have three homes in our name. Two rentals and the one we will be living in.
The planner that I am, I want to protect my stepdaughter's invesment just in case something should happen to our credit or our jobs. Can we put the Las Vegas house in a Trust or Deed it over to her to make sure if anything happes on our end (bankruptcy) she doesn't lose out?
hi jwolan,
you can transfer the property to your step-daughter with the help of a quit claim deed. however, once you transfer the property to her, the lender will want her to refinance the mortgage in her name. the lender may call the loan due if she does not refinance the loan in her name.
thanks
you can transfer the property to your step-daughter with the help of a quit claim deed. however, once you transfer the property to her, the lender will want her to refinance the mortgage in her name. the lender may call the loan due if she does not refinance the loan in her name.
thanks
Thanks James. The issue is that she couldn't get financing to begin with. I'm sure things haven't cleared up this quickly.
Welcome Guest,
Is there any particular why she won't get financing? Is her credit bad? You can ask your step daughter to check out the given page to let her know some steps to improve her credit score:
http://www.mortgagefit.com/credit-rating/credit-repair.html
Is there any particular why she won't get financing? Is her credit bad? You can ask your step daughter to check out the given page to let her know some steps to improve her credit score:
http://www.mortgagefit.com/credit-rating/credit-repair.html