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My credit is in the gutter, my interest rate is high, and I am behind on my mortgage payments. Can I Quit claim the property to my mother, then have her [url=http://www.mortgagefit.com/refinance.html]refinance[/url] with her good credit in order to get my payments to a reasonable level? any help is appreciated..

adonis's picture
adonis | Joined: October 22, 2005 05:04 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Welcome TIm,

Yes you can quitclaim the rpopery to your mother way before a foreclosure is declared and then she can refinance it with her good credit. You can ask her to check out "when refinancing is a good move" as available at http://www.mortgagefit.com/refinance.html .

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larry2's picture
larry2 | Joined: June 27, 2007 02:50 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Tim,

Welcome to the forum.

You can quitclaim the property to your mother if she can be approved to refinance the mortgage. So does she have enough monthly income to get approve for refinancing? I think you should talk with the lender ASAP on this regard.

Best of luck,
Larry

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gmakerley's picture
gmakerley | Joined: November 9, 2007 07:36 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

many lenders will not do "bail-out" loans. you'll need to query specifically with a few lenders to see if this is a viable option. it is not so simple as giving your mom ownership and having her go get a mortgage. your mortgage would be due and payable in full at the time you transfer ownership.

you need to be extremely careful - you're treading on thin ice here.

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cliff3's picture
cliff3 | Joined: May 5, 2008 02:15 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Tim33,

I'm with Larry you should contact your lender I have contacted several lenders and they are willing to do a loan modification and fix interest rates for home owners who are having trouble. George makes a good point that it will not be as easy as you think to quit claim to your mother then have her refinance.

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jbarto65's picture
jbarto65 | Joined: November 4, 2007 04:09 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

That is a great idea to try and work it out with the lender first before you do anything else, they may be able to work out an affordable option for you. Goodluck, hope you get some good results, keep us updated. :D

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fireyone_02's picture
fireyone_02 | Joined: March 20, 2008 08:44 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Sounds like a really good idea to me. Like jbarto stated I would talk this over with the lender.

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jbarto65's picture
jbarto65 | Joined: November 4, 2007 04:09 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Lenders have many options that they will offer to work something out with the borrower, they are better off doing this if the borrower has the means to pay. They have money at the community actions called HEMAP money that will help you get caught up.

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fireyone_02's picture
fireyone_02 | Joined: March 20, 2008 08:44 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I bet they are going to see a lot of visitors. I seriously see alot os future mortgage problems with this near recession we are in. It is good to see though that their is a program. I just wonder if it is one of those low income only programs. I really hate when there is not help offered out there for everyone. All people in all incomes can find themselves at a finacially distressing time at some ppoint.

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jbarto65's picture
jbarto65 | Joined: November 4, 2007 04:09 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I agree, when you have the cost of fuel and food rising the way it is, it will only pull away from the other bills long enough till eventually you don't have enough to make full payment. This is especially tough on months when big property taxes, fire insurances, car insurances and other big bills come into play that are not a usual monthly expense.

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fireyone_02's picture
fireyone_02 | Joined: March 20, 2008 08:44 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Funnt, my hubby and I was just talking about that. I suree wish they would figure something out. I know I can help myself by paying off bills like the extra credit cards but that isn't a quick fix either. I heard on the news that gas prices by august are suppose to level out at $4.15 and not go down much at all after that. I am already wondering how I can put fuel in my tanks. My hubbys income doesn't qualify us for any programs and I don't know how we will afford it. They really need to move up the income guidelines.

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jbarto65's picture
jbarto65 | Joined: November 4, 2007 04:09 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

We have an outdoor furnace, something you may want to consider since you are way out in the woods fireyone. We only spend between $500 and $600 a year on coal, it also heats the water in the house and burns my garbage. My electric bill was only $46 this month and in the winter it is around $68 on a high month. They are worth the inveswtment.

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