Posted on: 29th Dec, 2007 08:26 am
i have the quit claim deed to my current home. i did not qualify for a loan and the broker told me to use my mom and then get the quit claim deed. well, we got a variable loan and i went back to the same broker for assistance and know she tells me you cant refinance with a claim deed and she wants me to buy the house off my mother. i need some guidance since i dont have a clue as where to begin.
Are you on the title to the home currently? What is the home worth? How much do you owe on it? What does your credit look like?
Did your broker try FHA ?
Banker......You would have a title seasoning issue going FHA......depending on the amoutn of time mom has been on title.....I am assuming that it has been less than a year but the OP has not given us a timeline.....I would think that if the OP could have gotten an FHA loan to begin with then it would have been offered......
To the OP.......you may want to seek a second opinion....it seems the frist broker led you astray possibly on the first transaction......does your mother reside in the house? Your transaction is what we call a straw borrower transaction.........and you have more than likely violted the terms of the note by making material changes to the title work......in other words the lender an call the note due.
To the OP.......you may want to seek a second opinion....it seems the frist broker led you astray possibly on the first transaction......does your mother reside in the house? Your transaction is what we call a straw borrower transaction.........and you have more than likely violted the terms of the note by making material changes to the title work......in other words the lender an call the note due.
Give me a call to discuss the options that are available. I accept calls during business hours as well as on saturday from 10 am until 4.
