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Warranty deed on my name and morgage not?

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carinh20 Joined: 09 Jun 2010 Posts: 2 1.00 Dollars($)	Posted: Wed Jun 09, 2010 5:59 am    Post subject: Warranty deed on my name and morgage not? Like 0 Dislike 0 Hi, it is possible and legal to buy a house by transfer. I can't qualify with a bank so there is someone who want to sell his house there is 22 years more to make the payments so morgage will still on his name and he say will transfer the warranty deed on my name so legally the house will be mine and when i finish to make all payments the bank will give me the title on my name . Is that possible? Thanks.
adonis Joined: 22 Oct 2005 Posts: 10574 Location: ALASKA 1090.82 Dollars($)	Posted: Wed Jun 09, 2010 9:42 pm    Post subject: Like 0 Dislike 0 Welcome carinh, The homeowner will not be able to use a warranty deed to transfer the property as there is a mortgage on it. He will have to use a quit claim deed in order to transfer the property to you. As soon as there is a change in home ownership, the lender will ask you to refinance the loan. If you do not fulfill the required criteria to refinance the home loan, then the lender may call the loan due immediately. _________________ Procrastination is the enemy of your financial success
carinh20 Joined: 09 Jun 2010 Posts: 2 1.00 Dollars($)	Posted: Wed Jun 09, 2010 11:00 pm    Post subject: Thanks for your response. Like 0 Dislike 0 so in other words this is somethingg that won't work for me.

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