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I purchased a home with my 2 sisters in 1995. About 5yrs ago my 2 sisters were taken off (quitclaim??) and my mother added. As of today just my mother and I own the home and we have just done a modification with the bank about 7mos ago. Both my parents and I live in the home and we all split the cost of the mortgage each month. However, since the modification there has been about 3 late payments. I have an online statement from my bank that shows my rent/payments have been made on time every month (I transfer the money and name the transfer for example.. RENT FOR APRIL). I am now wanting to purchase a new home. I tried to purchase a home about 6mos ago but was denied. What are my options?

jameshogg · Posted: Tue Apr 19, 2011 9:32 pm Post subject:

Hi Guest,

You can use a quitclaim deed in order to transfer the property to your mother. If your name is on the mortgage, then your mother needs to refinance the loan in order to remove you from the loan.

Thanks

dipaligopale · Joined: 25 May 2010 Posts: 790 22.70 Dollars($)

Hi monkeytalk,

Welcome to Mortgage fit,

Even if you transfer the property to your mother through quitclaim deed it won't relieve you from mortgage obligations.So what you should do is, you can ask your mother to refinance on her own.If she qualifies (if not alone then she can have someone to co-own the mortgage) then it is well and good and you can be immediately relieved from this mortgage.
So you can search for your own home once this thing is accomplished.
Only after completing the above task, there is some point in searching a lender/quote /home for your own home.If you search right now,you will have high chances of rejection.
Feel free to ask any further query if you have....

DIPA

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