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emreuteler · Joined: 16 Apr 2009 Posts: 3 3.41 Dollars($)

Is it okay for us to take our mortgage with us to the in-laws house and the in-laws to take their mortgage to our house?

Can we simply sign the deed over to one another and then worry about the financing? So much has changed in the last year and a half with the economy that our well laid plan seems like it is falling apart.

Our house is worth 1.2 million and the in-laws house is worth 850,000-950,000. We owe $530,000 on our house and they owe $250,000 on theirs. My husband quit his job a year ago to work for himself and that has totally messed with our taxes, making it more difficult for us to qualify under the new rules.

I am also wondering if banks are looking more at the value of the house versus what we make to qualify us for a loan. We make extra payments of $1000-2000 every month on our interest only loan.

Also, we have a 1st of 353k (5%, interest only), and a 2nd of 179K (1.99%, interest only)

smithsussane · Posted: Thu Apr 16, 2009 9:45 pm Post subject:

Your query has been answered in the given link:
http://www.mortgagefit.com/california/title-transfer.html

Please take a look. I hope it'll help you.

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Interfamily transfer of title in California