Posted on: 11th Aug, 2010 11:15 am
hi,
my boyfriend owns 2 homes as a result of the passing of his mother recently, and is financially overwhelmed. in addition to that he was laid off from his job and can not see the light at the end of the tunnel. i am a homeowner as well and would like to help him with some of the burden. he says that if i refinance one of the homes that when the time comes to title the home he will not put his name on the title, rather he would title it to me. in refinancing i plan to take a portion of the equity to buy him out and in turn keep the home as a rental and on a regular bases share that income that i receive from this rental property with him. i need to know if it is reasonable for him to quitclaim the property to me and then i can refinance. what other recourses do i have? i do not want to co-borrow anything with him, i will contact an attorney but, i need to know if we are even on the right track as i am new to this and realize that although my intentions are good, i am not well versed in real estate. i want to be as fair as possible and make a very sound business decision that we both can prosper and be happy with. thanks
my boyfriend owns 2 homes as a result of the passing of his mother recently, and is financially overwhelmed. in addition to that he was laid off from his job and can not see the light at the end of the tunnel. i am a homeowner as well and would like to help him with some of the burden. he says that if i refinance one of the homes that when the time comes to title the home he will not put his name on the title, rather he would title it to me. in refinancing i plan to take a portion of the equity to buy him out and in turn keep the home as a rental and on a regular bases share that income that i receive from this rental property with him. i need to know if it is reasonable for him to quitclaim the property to me and then i can refinance. what other recourses do i have? i do not want to co-borrow anything with him, i will contact an attorney but, i need to know if we are even on the right track as i am new to this and realize that although my intentions are good, i am not well versed in real estate. i want to be as fair as possible and make a very sound business decision that we both can prosper and be happy with. thanks
Hi Madalyn!
Welcome to forums!
Your boyfriend can quit claim the property to you. Once you become the owner of the property, you can refinance the loan. However, you would get the refinance only if the property has equity and you have the required credit score and income.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
Your boyfriend can quit claim the property to you. Once you become the owner of the property, you can refinance the loan. However, you would get the refinance only if the property has equity and you have the required credit score and income.
Feel free to ask if you've further queries.
Sussane