Posted on: 01st Jun, 2010 04:18 am
Hi Jessica,
We had originally gotten a loan modification from our mortgage company, but it was not where we needed to be.
We have retained an attorney to help us in a new loan modification. We have been at this for sometime, therefore, the past due amount is pretty high. Is it possible for us to quitclaim the house to my son, who is soon to leave the military? Would he have to bring payments up to date?
He cannot use his GI bill because he will be living out of state and cannot qualify on his own because he does not yet have a job. He has superb credit. He wishes to lease back the house to us and have us sign a lease for 3-5 years if that helps him get the home.. Can this be done? What do you suggest? In the event we can, we will agree amongst ourselves on a % of profit for each when he sells when the market gets better. He is set on us not losing our nest egg. Please advice.
Thank you,
Barbara
We had originally gotten a loan modification from our mortgage company, but it was not where we needed to be.
We have retained an attorney to help us in a new loan modification. We have been at this for sometime, therefore, the past due amount is pretty high. Is it possible for us to quitclaim the house to my son, who is soon to leave the military? Would he have to bring payments up to date?
He cannot use his GI bill because he will be living out of state and cannot qualify on his own because he does not yet have a job. He has superb credit. He wishes to lease back the house to us and have us sign a lease for 3-5 years if that helps him get the home.. Can this be done? What do you suggest? In the event we can, we will agree amongst ourselves on a % of profit for each when he sells when the market gets better. He is set on us not losing our nest egg. Please advice.
Thank you,
Barbara
hi bobbieazp,
once you transfer the property to your son, the lender will want your son to assume the loan or to refinance it. if your son is unable to refinance the mortgage, then the lender can call the loan due immediately. as your son is not employed at present, he will not be able to get a mortgage in his name.
i would suggest you to wait for sometime and check out whether or not your loan modification application is accepted by the lender. if it is accepted, then you would get better terms and conditions to pay off the loan. thus, you will be able to save the property.
thanks
once you transfer the property to your son, the lender will want your son to assume the loan or to refinance it. if your son is unable to refinance the mortgage, then the lender can call the loan due immediately. as your son is not employed at present, he will not be able to get a mortgage in his name.
i would suggest you to wait for sometime and check out whether or not your loan modification application is accepted by the lender. if it is accepted, then you would get better terms and conditions to pay off the loan. thus, you will be able to save the property.
thanks
Hi bobbieazp,
It's good to know that your son doesn't want you to lose your savings. I appreciate that he's trying to help you out the way he can. But if you're looking to quitclaim the property to your son, well then the lender may need him to refinance as because he will be owning the property then. However, unless your son can show a considerable amount of income per month, the lender won't allow you to transfer the responsibility of paying the mortgage over to your son.
Now, if your son can look out for a job and start earning again, you can lease a part of the property to him and use the rent payments to pay your mortgage on a monthly basis. This can go on till your son saves enough to refinance the loan in his name after taking over the ownership of the property.
With regards,
Jessica
It's good to know that your son doesn't want you to lose your savings. I appreciate that he's trying to help you out the way he can. But if you're looking to quitclaim the property to your son, well then the lender may need him to refinance as because he will be owning the property then. However, unless your son can show a considerable amount of income per month, the lender won't allow you to transfer the responsibility of paying the mortgage over to your son.
Now, if your son can look out for a job and start earning again, you can lease a part of the property to him and use the rent payments to pay your mortgage on a monthly basis. This can go on till your son saves enough to refinance the loan in his name after taking over the ownership of the property.
With regards,
Jessica
