I have a quit claim deed and I need to get the mortgage in m

sholman713 · Joined: 27 Jun 2008 Posts: 1 1.41 Dollars($)

I have a quit claim deed filed with the county clerk's office. The mortgage is in the former owner's name. He wants nothing to do with the house which is why he gave me a quit claim deed. My credit is quite bad and I am disparate to get the mortgage in my name. I pay the current mortgage note, as well as the HOA fees, insurance and taxes. Everything is in my name except the mortgage. I am at a lost on what my options are. Some say since the house in my name I have to do a refi. Some say since I have no mortgage in my name I can do a first time loan. Either way at last check my credit was low 500s. The house appraised last year at $146,000 and there is 100,000 left on the mortgage. I am disparate and looking for any advice. Help!! Surprised

brian1 · Posted: Fri Jun 27, 2008 5:57 pm Post subject:

You probably are not going to do anything quick as you need to work on the credit. You will have to do a refinance. Hard to do a purchase on ahome you own?

Good Luck
Brian

Niicss · Joined: 03 Oct 2005 Posts: 1047 156.15 Dollars($)

Welcome sholman.

Has the mortgage company asked you to refinance the mortgage on your name? If not then you should try to improve your credit score first. With low 500s credit score you cannot refinance the mortgage (rather take the mortgage on your name). By the way as long as you can make the mortgage payments on time then the mortgage company should have any problem

Let me know if you have any more queries.

gmakerley · Posted: Mon Jun 30, 2008 9:57 am Post subject:

i'm thinking you need to continue to pay the mortgage; meanwhile repair your credit standing. you didn't indicate any conversations had been held with the mortgage holder - are they aware that you are the sole owner of the property? you are correct in thinking that you'll have to refinance, but with a credit score as low as you cited, you're going to run into many obstacles.

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