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Help about transferring property

Posted on: 14th Jan, 2007 01:26 am
hello to all. this forum is truly a wealth of information. here is my situation.

1. my wife and i are currently renting one of my parents homes( 2 yrs now) in san diego.

2. my mom wants to sell us the home for $500k and home is appraised for $750k... i know i am getting a great deal.

3. problem is my wife and i cannot qualify for a loan as i have only been in my job 5mths due to a career change and i am now self employed. most lenders require that i be s/e for at least 2 yrs or be in the same line of work. i am now a chef and my previous job was a city parks and recreational employee.

4. since we have been making the mortgage payment thr past two years.. how can we legally add ourselves to the trust deed ?? my mother is willing to do this ... in a sense add us to the title. she currently has a balance of $325000 on her mortgage. how can we also add ourselves to the loan. i am getting so many mixed answers.. someone tells us to have my mother refinance and add us to the loan.. how can this happen if we were not on the original loan??

5. another asked us if the loan is assumable?? i have no clue what that means.

6. my mother is not too concerned as to making any profit on the deal.. she just wants to be able to transfer the property to us and have us make thr payments and get credit for it.
Hi SoCalHal,

Welcome to the forums.

If you want your names to be added on the title only, it can be done through quit claim deed. Your mother can sign over the deed to add your names on the property.

"someone tells us to have my mother refinance and add us to the loan.. how can this happen if we were not on the original loan?? "

Instead of refinancing, you can ask your mother to transfer the loan in your names through novation. You need to consult with the lender before going for novation.

If the loan is assumable, then while buying the property, you can take over the responsibility of paying off the loan without any change in the terms and conditions. However, just check if the loan has a due on sale clause; if such a clause exists, then the loan cannot be assumed.


Posted on: 14th Jan, 2007 09:36 pm
SoCalHal, either your mother has to sell you the property and you'll be accepting the loan by assumption. Or else, you can ask your mother to add your name on the title through quit claim, so that you can refinance the existing loan in your name only. Then you can have her name removed through quit claim if at all she agrees to transfer property without selling it to you.
Posted on: 14th Jan, 2007 09:48 pm
Hello SoCalHal,

Have you discussed a Leased to Own program with your parents? This is an option where you do not qualify to purchase a home with the current situation you are in. However, in a year, you can buy your parents out.
Posted on: 15th Jan, 2007 11:52 am
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