Posted on: 11th Jul, 2009 08:19 am
six years ago my daughter and husband (live in Ohio) but a home but they had to buy it under a friends name TED. My daughter had a breakdown could not work her husband laid off. They are behind in payments..Ted want his name out of loan.
I live in Fla. my home is paid for have good credit. What is the best way to go to save my daughter's home. Should Ted quit claim the house to me only or to both my daugher husband and me. Will i need to re finance the house thur my credit union would that be a better deal.
I do not know what to do . I do work
Thank you
Dolores
I live in Fla. my home is paid for have good credit. What is the best way to go to save my daughter's home. Should Ted quit claim the house to me only or to both my daugher husband and me. Will i need to re finance the house thur my credit union would that be a better deal.
I do not know what to do . I do work
Thank you
Dolores
Hi Dolores Taylor,
Welcome to our forum.
If you credit score good then your credit union will support you to refinance this loan on your name. Ted can quite claim this house to your name & refinance mortgage on your name, Then you will be responsible to pay further dues to lender as well as you will be responsible as home owner.
Thanks & Regards.
gunz.ijjistaff :lol: :lol: :lol:
___________________________________________________________
You can ask your queries to us anytime & we will definitely help you, Its our pleasure. This is the World's Largest Mortgage Community.
Welcome to our forum.
If you credit score good then your credit union will support you to refinance this loan on your name. Ted can quite claim this house to your name & refinance mortgage on your name, Then you will be responsible to pay further dues to lender as well as you will be responsible as home owner.
Thanks & Regards.
gunz.ijjistaff :lol: :lol: :lol:
___________________________________________________________
You can ask your queries to us anytime & we will definitely help you, Its our pleasure. This is the World's Largest Mortgage Community.
As gunzijistaff suggested refinance is better option.
Hi dolores,
You are in a tough situation. In order to remove your friend Ted's name from the mortgage, your daughter will have to refinance the loan in her name. But as she is already behind on payments, lenders will not refinance the loan. She will have to apply for a loan modification in order to save the property.
You are in a tough situation. In order to remove your friend Ted's name from the mortgage, your daughter will have to refinance the loan in her name. But as she is already behind on payments, lenders will not refinance the loan. She will have to apply for a loan modification in order to save the property.