Posted on: 25th Oct, 2010 09:36 am
My husband nad brother-in-law own a condo. I recently paid off a home equity line of credit for them that was in default. In return I get the condo in my name. I dont have the money for a down payment since i paid of the second loan on the house so they want to gift me the equity towards my new mortgage. should i buy the house from them and have the equity gifted to me in the sale or should i have them transfer the house to me? the mortgage is in my husband's name right now, can he transfer the mortgage to me without money out of pocket if we go with the transfer instead of sale option?
hi gg!
welcome to forums!
you can buy the house and get the equity gifted to you. if the mortgage in your husband's name, then you'll have to refinance the loan in your name to get the mortgage transferred. in that case, you'll have to pay the closing costs out of your pocket.
feel free to ask if you've further queries.
sussane
welcome to forums!
you can buy the house and get the equity gifted to you. if the mortgage in your husband's name, then you'll have to refinance the loan in your name to get the mortgage transferred. in that case, you'll have to pay the closing costs out of your pocket.
feel free to ask if you've further queries.
sussane