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do we have any options?

Posted on: 29th Jan, 2007 06:53 am
we are a married couple my wife and i. when our credit didn\'t allow us to get a mortgage, my wife\'s mother got a mortgage on the house we wanted. she lives in another state, and we live in the house and have been paying the mortgage. now we would like to get the house in our name. is a quit claim deed an option for us? and what do u think we can do even if we still can\'t get a mortgage ourselves? are there any other options?

Quit claim deed can be used to get the house transferred in your name but the lender will require the mortgage to be refinanced. If your credit score has improved then there will not be any problem in refinancing the mortgage in your name.
Posted on: 29th Jan, 2007 09:20 am
If your score has not improved then what you can do is ask your mother-in-law to include both of you as co-owners of the house with her. This way the mortgage will remain in her name and both of you will have ownership rights over the house.

But consult the lender on whether he will allow for such an arrangement or not.
Posted on: 29th Jan, 2007 03:15 pm
Hi detainer,

Welcome to the forums.

You can use a quit claim deed to remove your mother-in-law from the title to the property. The fact that you could not get a mortgage will not matter here. Regarding the other options, you can try out with a grant deed.

A grant deed would reveal that property is transferred to you with your mother-in-law being the current owner and that the title is free of any defect or lien. But a quit claim deed does not specify the legal owners transferring the property, it simply states that a transfer has taken place.


Posted on: 30th Jan, 2007 01:08 am
Hello detainer,

Another option you can think about taking if your credit is still not up par is try Lease to Own.
Posted on: 30th Jan, 2007 08:33 am
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