Posted on: 23rd Sep, 2009 09:53 am
Good afternoon,
My mother comapany will be closing in May so she will be losing her job. I spoke with a lending institution about refinacing the townhouse to consolidate her townhouse and car. She has enough equity in the house but due to her company closing I think she may not qualify. I can afford to pay the monthly payment but since my name is not on the titile. I can't take out the loan and use the equity to combine the two. I was told about the quick claim deed. If my name is on the title for six months then I can refinace the property on my income. Is this a wise thing to do? I want to ensure since I will be paying the loan I will be able to get my intrest of the property ouside of my siblings if something happen to my mother.
My mother comapany will be closing in May so she will be losing her job. I spoke with a lending institution about refinacing the townhouse to consolidate her townhouse and car. She has enough equity in the house but due to her company closing I think she may not qualify. I can afford to pay the monthly payment but since my name is not on the titile. I can't take out the loan and use the equity to combine the two. I was told about the quick claim deed. If my name is on the title for six months then I can refinace the property on my income. Is this a wise thing to do? I want to ensure since I will be paying the loan I will be able to get my intrest of the property ouside of my siblings if something happen to my mother.
you need to discuss it with your mother first.
if she does not have any problem, you can ask her to sign a quit claim deed to you. then you can start paying monthly charges so that there is no delay in payment.
simoultaneously, you can discuss with mortgage lender for refinancing in your name.
if she does not have any problem, you can ask her to sign a quit claim deed to you. then you can start paying monthly charges so that there is no delay in payment.
simoultaneously, you can discuss with mortgage lender for refinancing in your name.
Hi!
Welcome to forums!
As far as I know, if your name is on the property deed for the last six months, then you would be able to refinance the loan in your name. Then you can start paying off the loan which will help you saving the property. If you can afford to pay off the loan, then I don't think there's any risk in doing this. If your mother quitclaims the property solely in your name, then your siblings will not be able to claim any interest in that property.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
As far as I know, if your name is on the property deed for the last six months, then you would be able to refinance the loan in your name. Then you can start paying off the loan which will help you saving the property. If you can afford to pay off the loan, then I don't think there's any risk in doing this. If your mother quitclaims the property solely in your name, then your siblings will not be able to claim any interest in that property.
Feel free to ask if you've further queries.
Sussane