Posted on: 22nd Sep, 2008 12:21 pm
i was a silent investor of a house. i bought out the person on the deed and now had them sign a quick deed transfer. question is ... what is the best way for me to finance property into my name? file transfer deed first then apply for mortgage or refinance of property?
hi kcleveland!
welcome to the forums!
as you made the other party sign a quitclaim deed in your name, now the property is yours. if the property had any mortgage on it and you want to transfer it, then you may either go for refinancing or novation. lenders generally prefer refinancing. if you are refinancing, then the loan will be on your name and the other partys name from the deed will also be removed. novation is also a similar process through which the mortgage will get transferred in your name.
feel free to ask if you have further queries.
sussane.
welcome to the forums!
as you made the other party sign a quitclaim deed in your name, now the property is yours. if the property had any mortgage on it and you want to transfer it, then you may either go for refinancing or novation. lenders generally prefer refinancing. if you are refinancing, then the loan will be on your name and the other partys name from the deed will also be removed. novation is also a similar process through which the mortgage will get transferred in your name.
feel free to ask if you have further queries.
sussane.
Hi kcleveland!
Welcome to the forums!
I think refinancing will be a better option to transfer the mortgage in your name.
Thanks,
Jerry
Welcome to the forums!
I think refinancing will be a better option to transfer the mortgage in your name.
Thanks,
Jerry
my name is on the mortgage, I'm getting a divorce, he had the property before we married, 2005 it was refinance and my name added. What am i entitle to? Is also my house where equitable distribution will be taken here in florida?
Welcome sho nuf,
If your name is both on the property deed and the mortgage docs, then you will have ownership rights to the property and will also be liable to pay the mortgage.
If your name is only on the mortgage docs, then you will be liable to pay the mortgage but you will not own the property. In this case, you can ask the other person to refinance the mortgage.
If your name is both on the property deed and the mortgage docs, then you will have ownership rights to the property and will also be liable to pay the mortgage.
If your name is only on the mortgage docs, then you will be liable to pay the mortgage but you will not own the property. In this case, you can ask the other person to refinance the mortgage.
MY PARTNER AND I ARE DUE TO SEPERATE, HOWEVER, HIS NAME IS ON THE MORTGAGE BUT NOT THE DEEDS, i PUT THE DEPOSIT DOWN OF £66,000 AND DONT WANT HIM TO GET THAT AS IT WAS INHERITANCE. wHAT IS HE ENTITLED TOO? :)
Hi TASH,
Are you from UK?
All of us here in this forum are U.S citizens and are aware of only the U.S laws pertaining to real estate. It's better if you can join any UK forum as they would be in a position to help you in the best possible manner.
Are you from UK?
All of us here in this forum are U.S citizens and are aware of only the U.S laws pertaining to real estate. It's better if you can join any UK forum as they would be in a position to help you in the best possible manner.