Is there any solution or institution that could help us?

ddo · Joined: 31 Mar 2009 Posts: 1 1.47 Dollars($)

We had purchased our home 13 yrs ago, however, in the last 5 years, lost our jobs and had financial difficulty keeping up with payments so we turned to a family member to put building in his name but we would continue to pay the mortgage and all of the bills that have had to be paid on this property. My husband is currently on disability and I had no worked. I am currently attending school which I will be done with in a few months and find employment. Meanwhile, trying to restructure the loan we went through some preditory lending problems. My question is are there any home programs where that could help us put this building back in our name even though we are paying all mortgages. All we wan is to keep this property in our name wih a 30 year fix rate.

chrisburns · Posted: Tue Mar 31, 2009 6:36 pm Post subject:

Hello dde,

It will be very difficult for you to get financing if you have no income to verify. From the lenders perspective the odds of you paying the mortgage are very slim if you have no income.

You may have to keep it as is until you have 2 year of verifiable work history. The only other options are private investors and based on your coment about "predatory lending" problems they may not be good for your situation.

lateniteboy_99 · Posted: Wed Apr 01, 2009 9:42 am Post subject:

I am surprised that the bank wasn't alerted when you changed Title ownership. I would have figured that would ave triggered an inquiry from them.

savior70 · Posted: Fri Apr 03, 2009 4:34 am Post subject:

Hi

What I understand of the situation is this, the title to the property is in one of your family members name while the mortgage is in your name. Now you want to change the title to your name. Am I right?

Well, if this is the case, then I believe that family member can sign a quitclaim deed and transfer the title to you and your husband. As the mortgage is already in your name I don't think the lender would mind this change of ownership.

Posted: Mon Apr 13, 2009 4:24 pm Post subject:

No the mortgage is not in our name, we want to put in our name.

jenkin7 · Posted: Tue Apr 14, 2009 1:51 am Post subject:

Hi Guest,

The mortgage is not in your name and you want to put it in your name replacing the family member who is listed on the loan as the borrower. Correct?

Well, first of all, I would like to know whether you are listed on the title or just on the loan? If you are not on the title, you need to transfer the deed to the property to your name. Then you will have to refinance it. What is your credit score? Is it good enough to qualify for a refinance?

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