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psteward · Joined: 22 Dec 2006 Posts: 2 1.53 Dollars($)

I want my sister to quit claim her house to me so I can make repairs and in one year refinance in my name cannot do now becuase I have been off from work sick for f months and credit not waht it should be

blue · Posted: Fri Dec 22, 2006 11:33 am Post subject:

Hi Steward,

Welcome to Mortgagefit forum.

Sorry to hear about your health condition and financial crisis.

If your sister wants then it is quite possible to complete such property transfer in your name. You need to have a talk with your sister and explain your problem.

Thanks
Blue

carnahandavid · Joined: 21 Dec 2006 Posts: 238 58.41 Dollars($)

Steward,

It is a good decision to wait for some time before refinancing, currently you do not have a job and also scores are low.

After you get a reasonable job and your score starts to improve you should begin to look at the options you have with various lenders with regards to the refinance of the loan.

At present state it will be difficult to locate lenders agreeing to refinance the mortgage in your name. And even if they do agree the rates charged will be quite higher than normal.

sara

Hi,

Give yourself some time before you refinance. For the time being, look for a job and start building some savings. Also, you need to re-establish your credit.

Once you get a job and start earning a good sum of money, you can look forward to getting one or two credit cards so that you make payments at regular intervals and enhance your score.

Alternatively, if you can make regular payments on utility, phone, insurance premiums, your credit score will go up; not the FICO score though but an alternative score like the PRBC. Also, the credit reporting agencies will consider records of your bank accounts, payday loan payments or your mode of paying purchase bills.

Thanks,

Sara

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