Posted on: 11th Nov, 2007 07:53 pm
Hi,
I was wondering if it was possible for my grandmother to tranfer ownership of one of her rental houses to me?
Here's the deal..........my grandmother is in a big mess. She sold an apartment complex in L.A. and reinvested the money in her home state of Oklahoma. She bought around 12 rental properties and all but two are completely paid for. She not the best with handling money and even though most of her properties are paid for she's having serious "cash flow" problems and is getting behind in bills,property taxes, etc..... and it's getting ugly. The other bad thing is that her credit is soo bad (from my cousins abusing her credit cards, etc..) that she can't even borrow any money against any of her property!! We are trying to come up with a solution.............and I was thinking what if she were to transfer ownership of one of her places and then I could use my good credit to take out a loan against the property as a temporary solution until she can get some of her property liquidated....Any feedback would really help. Thanks!
JiM
I was wondering if it was possible for my grandmother to tranfer ownership of one of her rental houses to me?
Here's the deal..........my grandmother is in a big mess. She sold an apartment complex in L.A. and reinvested the money in her home state of Oklahoma. She bought around 12 rental properties and all but two are completely paid for. She not the best with handling money and even though most of her properties are paid for she's having serious "cash flow" problems and is getting behind in bills,property taxes, etc..... and it's getting ugly. The other bad thing is that her credit is soo bad (from my cousins abusing her credit cards, etc..) that she can't even borrow any money against any of her property!! We are trying to come up with a solution.............and I was thinking what if she were to transfer ownership of one of her places and then I could use my good credit to take out a loan against the property as a temporary solution until she can get some of her property liquidated....Any feedback would really help. Thanks!
JiM
hello jim,
your grandmother can transfer the ownership of the property to you by signing a quit claim deed.
the existing mortgage on that property has to be refinanced in your name so that you become financially responsible for that.
but before everything else, you have to talk to the lender and ask for his consent.
your grandmother can transfer the ownership of the property to you by signing a quit claim deed.
the existing mortgage on that property has to be refinanced in your name so that you become financially responsible for that.
but before everything else, you have to talk to the lender and ask for his consent.
Jim,
I think your best route would be to transfer on or several of the properties that currently do not have mortgages and refinance them.
I do agree with Larry, once you become the signer of the mortgage, you will be responsible for the payments so please consider this carefully.
Consulting an attorney might also be a good idea - especially if your grandmother is seriously delinquent on any of the taxes or the two mortgages.
I think your best route would be to transfer on or several of the properties that currently do not have mortgages and refinance them.
I do agree with Larry, once you become the signer of the mortgage, you will be responsible for the payments so please consider this carefully.
Consulting an attorney might also be a good idea - especially if your grandmother is seriously delinquent on any of the taxes or the two mortgages.
Hi Jim,
You seem to be on the right track. It will be good I feel if one of the properties is transferred to you and then you use your credit to help your grandmother take a mortgage. But you can also get the loan for yourself and then help your grandmother pay off the debts. And then later on when her credit is re-established, she can refinance the mortgage.
But wait, is your granny above 62 and above? then she can get a reverse mortgage on her primary home and pay off the debts she has. Also, she need not have a great credit and income to qualify for a reverse mortgage. Just think about it and then decide.
If you are interested to know about reverse mortgages, refer to the section on this topic.
Good luck
You seem to be on the right track. It will be good I feel if one of the properties is transferred to you and then you use your credit to help your grandmother take a mortgage. But you can also get the loan for yourself and then help your grandmother pay off the debts. And then later on when her credit is re-established, she can refinance the mortgage.
But wait, is your granny above 62 and above? then she can get a reverse mortgage on her primary home and pay off the debts she has. Also, she need not have a great credit and income to qualify for a reverse mortgage. Just think about it and then decide.
If you are interested to know about reverse mortgages, refer to the section on this topic.
Good luck