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Hello, My husband and I are looking to sell our home to a relative, but currently owe a little more on the property than what it willl appraise for.

Is it possible to add the relative onto the title then refinance ourselves off the mortgage loan? I understand there are several loan options available under FHA to refinance a mortgage at 110% - 125% of the LTV. Any feedback is appreciated!

Thanks,

Sandy

Realgeni · Joined: 13 Apr 2009 Posts: 1434 99.76 Dollars($)

MarieB318

Welcoem to the forum

I think this may be possible. Make sure that your relative can qualify for the loan alon and probably work with a lender to make sure this is possible

Good luck

gmakerley · Posted: Wed Jul 15, 2009 9:22 am Post subject:

you'd better speak with a lender first...good luck finding one who'll do as you desire.

tigerfamous · Joined: 11 Jul 2009 Posts: 57 6.76 Dollars($)

it may be doable. Here are the steps:
1) transfer title to your relative. your names will be off it.
2) loan assumption if the interest rate is good. OR
3) refinance it if your relative can get loan alone.

Good luck.

michelle · Posted: Wed Jul 15, 2009 12:14 pm Post subject:

Hi Sandy,

I agree with George. You really need to speak to the lender first.

I see several issues; many lenders would require your relative to be on the title for a length of time (usually 6 mos) in order to actually do the refinance loan, your relative would need to be able to qualify for the loan on their own so are you confident that can happen, and if you do decide to proceed, you may want to consider contacting the current lender for a novation instead. Novation is when the current lender would allow your relative to take over the entire note relinquishing you from the financial responsibility. Until you are sure those things can/will happen, I would be hesitant to add anyone to the title.

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Adding a name to the title then refinance