Posted on: 08th Jun, 2009 09:47 pm
I want to find out if my husband and myself can grant the deed to my son. We can no longer afford the mortgage payments, and its about to be foreclosed on. We are three payments behind. My son wants to take over the payments. He can't qualify for a new loan; but can afford the payments. We don't want to lose the house to foreclosure. It was my parents house, and we bought it from her estate. Anyway, is ther a way to do this. Thanks, Denise
deni52
welcome the forum.
if your son can afford the payment, you cna always give hima quit claim deed as of now and ask your son to make the payments on the loan.
after the quit claim deed you are still responsible for the loan, but you do nto own the property. the bank can forclose the house if your son stops makign the payment.
good luck and feel free to ask
welcome the forum.
if your son can afford the payment, you cna always give hima quit claim deed as of now and ask your son to make the payments on the loan.
after the quit claim deed you are still responsible for the loan, but you do nto own the property. the bank can forclose the house if your son stops makign the payment.
good luck and feel free to ask
hi deni,
if you quitclaim the property to your son, then the lender will want him to refinance the mortgage. as you've mentioned that his credit is not good, he won't be able to refinance the mortgage in his name. though the property is in your name, your son can help you in paying off the debts. meanwhile, he can try to improve credit score. once his credit is good enough, he can apply for a refinance.
if you quitclaim the property to your son, then the lender will want him to refinance the mortgage. as you've mentioned that his credit is not good, he won't be able to refinance the mortgage in his name. though the property is in your name, your son can help you in paying off the debts. meanwhile, he can try to improve credit score. once his credit is good enough, he can apply for a refinance.
ask your lender for Special Forbearance. Your lender may be able to arrange a repayment plan which would be based upon your financial situation and may even provide for a temporary reduction or suspension of your payments
Midland Mortgage co. has transferred the mortgage in a trust agreement. There is no way to modify the terms. Can this be possible? What are my rights as a homeowner? Please help. thank you