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Quit Claim to Parent to refinance

Posted on: 22nd Sep, 2010 05:22 pm
due to divorce and bad financial decisions on my part, my credit took a hit trying to survive during the last 4 years, so i am unable to take advantage of these great interest rates and refinance my home. my finances are currently on the right track, but the ex-husband holds the loan on the house, but beause the house is in my name, he cannot refinance the loan. also, he is not trustworthy (which is why we divorced in the first place) and holds the mortgage payment over my head each month, along with the property taxes (which i don't blame him). it has become a very stressful situation for both of us. what we need to do is cut all financial ties with one another. my parents are willing to help in anyway they can. i have a stable job and make decent money, but the mortage would be better manageable if it was lower. i have a daughter heading to college in 2 years. could i quit claim my home to my parents (retired and in 70's) and have them refinance the home? would they then quit claim it back to me? i would be making all the mortage and property tax payments.
Welcome bmons,

You can transfer the property to your parents. Once you do so, they should immediately refinance the mortgage in their name. This will make them personally liable for the loan. Unless your credit is good, you won't be able to refinance the mortgage back in your name. So, you should take immediate steps to improve your credit score and then look out for a mortgage. To know some steps to improve your score, check out the given page:
http://www.mortgagefit.com/credit-rating/credit-repair.html
Posted on: 22nd Sep, 2010 09:11 pm
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