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Is is possible to sell a mobilehome to a spouse? We both have good credit (in the mid to high 600's) and only one of us is on the current loan and title.

jenkin7 · Posted: Tue May 25, 2010 9:02 pm Post subject:

Hi Bizy,

You can sell the home to your spouse. If she has good credit score and sufficient income, it'll not be a problem for her to get a loan to make the purchase. However, is there any specific reason why you want to sell the home to your wife? Are you facing foreclosure and want to avoid it by selling the home to your wife? If you are, then you cannot sell it to her. Such a sale would be considered as fraudulent and invalid.

Guest

We are not facing foreclosure, in fact just the opposite. We are in the process of cleaning up our credit reports. Our long term goal is to purchase a site-built home in another state and turn this one into a rental (possibly). I would own the rental in my name and my spouse would own the new home.

savior70 · Posted: Wed May 26, 2010 9:52 pm Post subject:

To Bizy,

If you are not facing foreclosure, you should not have any problem in selling the home. In case transferring the ownership of the mobile home is your only motive, you may consider using a quit claim deed. Your spouse can sign over the title to this home to you as gift through the quitclaim deed. He/she can claim the annual as well as part of the lifetime gift tax exemption and avoid paying taxes on this transfer. Your spouse can then refinance the property solely in his/her name releasing you from the liability of the mortgage. By the way, why do you need to "clean up" your credit reports? Are there ant sort of derogatory items on the credit reports?

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