Posted on: 03rd Dec, 2008 06:22 pm
my cousin was about to go into forclosure on her home. my wife and i paid 3,467.92 to keep the home out of forclosure. we then moved into the home my cousin got an apartment we filed a quit claim deed on the house. she was the only one on the loan. in the mortgage it has a paragraph about not being able to rent the home. my wife and i send the payment in every month. we want to know if we can leagally live there or will the mortgage company think of us as tenants. the loan is in my cousins name and our credit is not good enough for us to finance the loan in our name. the bill goes to her forwarding address and we are affraid to ask the mortgage company to send it to our house to us because we don't know if we can live here. again we do have a quit deed file with the court house. thank you for any advice
hi grubbs,
when your cousin signed the quitclaim deed in your name, she/he transferred the ownership of the property to you. once the ownership of the property is changed, the lender may ask the new owner (i.e you) to refinance the property. this is not similar to placing tenants in the property.
i think you should inform the lender about this rather than hiding the change of ownership from him. later on if the lender comes to know about the change in ownership, he may penalize you and your cousin. if you cannot refinance the loan, the lender may have other options for you.
thanks
when your cousin signed the quitclaim deed in your name, she/he transferred the ownership of the property to you. once the ownership of the property is changed, the lender may ask the new owner (i.e you) to refinance the property. this is not similar to placing tenants in the property.
i think you should inform the lender about this rather than hiding the change of ownership from him. later on if the lender comes to know about the change in ownership, he may penalize you and your cousin. if you cannot refinance the loan, the lender may have other options for you.
thanks
THANK YOU FOR YOUR ADVICE