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Acquiring grandfathers house

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avavalanca Guest	Posted: Thu Oct 20, 2011 7:39 am    Post subject: Acquiring grandfathers house Like 0 Dislike 0 My husbands grandfather recently passed away and left his estate to his aunt, his uncle and him. We want to keep his grandfathers house because his aunt and uncle have decided to let it go back to the bank because there is still 90k owed on it. However we cant afford the 10% down to be able to get a loan and purchase it outright, so I was wondering if there were any other steps we could take, would a quit claim deed work in this situation and allow us to keep the house and continue making the mortgage payments to the bank? Thanks for any info!
jameshogg Joined: 20 Dec 2005 Posts: 10477 Location: Nevada 990.06 Dollars($)	Posted: Thu Oct 20, 2011 7:47 pm    Post subject: Like 0 Dislike 0 Hi avavalanca, A quitclaim deed will help your husband to transfer the property from his aunt's and uncle's name to his name. However, the lender will immediately want him to refinance the mortgage in his name. It will be better if you could somehow manage for the down payment or go for a private mortgage insurance in order to get the mortgage of the property transferred in your name. Thanks

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