Posted on: 09th Jun, 2010 05:59 am
Hi, it is possible and legal to buy a house by transfer.
I can't qualify with a bank so there is someone who want to sell his house there is 22 years more to make the payments so morgage will still on his name and he say will transfer the warranty deed on my name so legally the house will be mine and when i finish to make all payments the bank will give me the title on my name .
Is that possible?
Thanks.
I can't qualify with a bank so there is someone who want to sell his house there is 22 years more to make the payments so morgage will still on his name and he say will transfer the warranty deed on my name so legally the house will be mine and when i finish to make all payments the bank will give me the title on my name .
Is that possible?
Thanks.
welcome carinh,
the homeowner will not be able to use a warranty deed to transfer the property as there is a mortgage on it. he will have to use a quit claim deed in order to transfer the property to you. as soon as there is a change in home ownership, the lender will ask you to refinance the loan. if you do not fulfill the required criteria to refinance the home loan, then the lender may call the loan due immediately.
the homeowner will not be able to use a warranty deed to transfer the property as there is a mortgage on it. he will have to use a quit claim deed in order to transfer the property to you. as soon as there is a change in home ownership, the lender will ask you to refinance the loan. if you do not fulfill the required criteria to refinance the home loan, then the lender may call the loan due immediately.
so in other words this is somethingg that won't work for me.