Posted on: 14th Dec, 2008 07:33 pm
I have a mortage on my home in Mississippi. I have moved to another State. My brother has agreed to...take up the mortage payments. What do I have to do to make this happen. I am not sure what you call this, but I am sick and need to do this as soon as possible.
Thank you,
Thank you,
hi mzbwc!
welcome to forums!
you can quitclaim the property to your brother and then he can refinance the mortgage in his name. but you should note that in order to refinance the mortgage, your brother needs to have a good credit score and income.
feel free to ask if you have further queries.
sussane
welcome to forums!
you can quitclaim the property to your brother and then he can refinance the mortgage in his name. but you should note that in order to refinance the mortgage, your brother needs to have a good credit score and income.
feel free to ask if you have further queries.
sussane
mzbwc, your other option here is to simply provide your brother with the information he needs to make these payments. frankly, your lender won't care where the money comes from, as long as the payments are received.
yes, quit-claiming the property to him is an option, but you need to be sure that he'll qualify for a new mortgage, as sussane pointed out.
yes, quit-claiming the property to him is an option, but you need to be sure that he'll qualify for a new mortgage, as sussane pointed out.
