Posted on: 28th Dec, 2008 08:42 am
i am self employed, i live in ga. and have a credit score of 483. i am currently renting at $500.00 per month with option to purchase after feb. 2009. my landlord is an older individual and wants to sell right now. my house is nice but it is over priced for the neighborhood it is in. he just wants the pay off amount of $86,854.00, no interest. he is under financial pressure and just wants to sell. i suggested a quit claim deed to add me onto the deed and be be responsible for the taxes, and insurance, along with paying the balance of the mortgage. i feel this will somehow boost my credit rating and allow me to work on my credit and get refinanced with a loan in my own name or maybe just keep it this way untio the current loan is paid off, and that way i would avoid new interest. the landlord is considering this option. what do you think?
Hi susanweekssmith!
Welcome to forums!
You should remember that signing a quitclaim deed will not help you transferring the mortgage in your name. It will only help you to transfer the property in your name. The mortgage will still remain in the landlord's name. In order to transfer the mortgage in your name, you will have to refinance the mortgage. With the credit score that you have, I don't think lender will be ready to refinance the mortgage in your name.
So you should first improve your credit and then try to refinance the mortgage. There are various ways to improve credit. Check out some of the options in the given link:
http://www.mortgagefit.com/credit-rating/credit-repair.html
Feel free to ask if you have further queries.
Sussane
Welcome to forums!
You should remember that signing a quitclaim deed will not help you transferring the mortgage in your name. It will only help you to transfer the property in your name. The mortgage will still remain in the landlord's name. In order to transfer the mortgage in your name, you will have to refinance the mortgage. With the credit score that you have, I don't think lender will be ready to refinance the mortgage in your name.
So you should first improve your credit and then try to refinance the mortgage. There are various ways to improve credit. Check out some of the options in the given link:
http://www.mortgagefit.com/credit-rating/credit-repair.html
Feel free to ask if you have further queries.
Sussane