You can qualify for a first time home buyer program. But then your mortgage payments on the previous house should have been made on time as otherwise it can prevent you from qualifying for a home buyer program. _________________ Procrastination is the enemy of your financial sucess
I am co borrower on hoem with my cousin. She is on loan with me because my credit score was not high enough to get it alone. To get this property transferred in to my name only can I have my cousin quick deed property over to me? And her name and ownership on property is turned over to me.
Yes Littleme, quit claim deed can be used to transfer her share in the property to you but her name will remain on the mortgage as she is a co-borrower. If your cousin wants her name removed from the loan then it will have to be refinanced in your name.
Your cousin can quitclaim the property over to you. But both of you will have the obligation to pay off the loan as your names are on the loan. _________________ Procrastination is the enemy of your financial sucess
Posted: Sun Mar 04, 2007 10:25 pm Post subject: RE: Remove primary borrower from the note
Hi Deanna,
You can refinance the loan in your name only and take off your dad's name from the loan. By refinance, I mean, you take out a new loan at a different interest rate in order to pay off the existing loan. You may apply for the new loan with the current lender or you may approach a new lender.
However, you may benefit only when you get a new loan offer below the interest rate on your existing loan. But you need to check whether your note speaks of any prepayment penalty on the first loan due to refinance.
You may go through the section on How to Refinance for a better understanding of the process.
As there is no loan or any other type of lien on the house there will not be any problem in getting your name off the title. You can use a quit claim deed to transfer your interest in the house over to your dad.
On the deed you will be named as the grantor and your dad as grantee. After filling it you will have to get it notarized and recorded with your local county recorder's office. After these procedures are completed your name will be off the title of the house.
You can go through this page for more information on quit claim deeds and how they are used in ownership transfer - http://www.mortgagefit.com/quitclaim-deed.html _________________ Good is the Enemy of Great.
Quitcliam deed is used to transfer ownership of property to another. This deed is very popular throughout the U.S. To know more about it, you may refer to: http://www.mortgagefit.com/quitclaim-deed.html
Posted: Tue Aug 28, 2007 8:20 am Post subject: my home
My boyfriend 5 years(Nov.2002) ago purchased my property with my money, the mortgage is threw the owners of the property. I put 10,000 down and paid all title and closing costs but everything was in his name. 5 months later I put a mobile home on the property and paid for all permits , electric, well, septic cost of 15,000. (mobile in my name) July 2004 he left me for another women. He quick claimed the property to me (we had it notarized and I filed it and received deed in my name) The mortgage was a 5year balloon due in Nov 2007. I found investor to pay balloon but the title company came back saying I couldn't get clear title. reasons: He was married and the quick claim did not state that. In Florida what they are saying that because he was married the quick claim had to state that it was not his homestead (it wasn't but the quick claim has this address) So they say they need a new Quick claim saying its not his homestead. He is refusing to sign new quick claim. I have till Nov 12 ,2007 to pay mortgage or they will foreclose. Is there another way to get clear title. Thank You in advance for any help you can offer.
adonis
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