Posted on: 08th Oct, 2010 11:23 pm
my roomate who owns/has a mortgage on a condo wants to give me the house if i can take over the payments. i have bad credit and am sure if i tried to refinance it in my name my payments would be outrageous. can he sign the quitclaim over to me and live it in his name and i assume responsibility for the loan or how does this work? also can i take over the payment and he put me on his will that he will leave the place to me? am confused, dont know how to go about this.
Hi jamal,
If your friend transfers the property to you, the lender will want you to refinance the mortgage or else he may call the loan due. As you've a bad credit, it won't be possible for you to refinance the loan. In such a situation, it'll be better if you could ask your friend to draft a will and leave the property to you and you can keep on making the payments on the mortgage.
Thanks
If your friend transfers the property to you, the lender will want you to refinance the mortgage or else he may call the loan due. As you've a bad credit, it won't be possible for you to refinance the loan. In such a situation, it'll be better if you could ask your friend to draft a will and leave the property to you and you can keep on making the payments on the mortgage.
Thanks