Posted on: 12th Mar, 2008 08:55 am
My landlord wants to do a quitclaim deed with me, because she cannot afford the mortage anymore. My credit is poor, due to a bankruptcy filed about 2 years ago, so I dont think I would get approved through a bank loan, however I can afford to take over her payments. Is this a good idea? and if I do this what exactly happens to the property? Who does it belong to? Am I on the mortage? Will this help my credit? Is there any safety precautions I should take?
Hi jacr,
Welcome to the forum.
If your land lord quitclaims the property to you, definitely you will be the owner of the property but if you just take over her payments, still then the land lord will be responsible for the mortgage.
So I think it will be better if you can talk with the lender and see if he can allow you to assume your land lord's loan.
Feel free to ask if you have any further questions.
Best of luck,
Larry
Welcome to the forum.
If your land lord quitclaims the property to you, definitely you will be the owner of the property but if you just take over her payments, still then the land lord will be responsible for the mortgage.
So I think it will be better if you can talk with the lender and see if he can allow you to assume your land lord's loan.
Feel free to ask if you have any further questions.
Best of luck,
Larry
Hi Jacr,
If the landlord quitclaims you the entire property then you'll be the sole owner. Otherwise if he quitclaims a part of it, then both of you have names on the title and i think this is what he wants.
You cannot assume the loan as assumption is a term used only if you buy the home from the landlord as well as take over the loan. But here you aren't buying but the property is just being transferred to you. What you can do is take over the loan. But for that you need to get qualified with the landlord's lender.
If somehow you can get qualified for the loan, your credit will improve provided you can manage your loan in a disciplined way and at the same time take care of other loans and credit, if any.
Regards,
Jessica.
If the landlord quitclaims you the entire property then you'll be the sole owner. Otherwise if he quitclaims a part of it, then both of you have names on the title and i think this is what he wants.
You cannot assume the loan as assumption is a term used only if you buy the home from the landlord as well as take over the loan. But here you aren't buying but the property is just being transferred to you. What you can do is take over the loan. But for that you need to get qualified with the landlord's lender.
If somehow you can get qualified for the loan, your credit will improve provided you can manage your loan in a disciplined way and at the same time take care of other loans and credit, if any.
Regards,
Jessica.
