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01-13-2006, 07:16 PM
| | Junior Member | | Join Date: Jan 2006
Posts: 5
| |  Mortgages Refinanceing
What is the name of your state?New Jersey
I Am Trying To Buy The House Im Living In It Belongs To My Mother She Wants The House Out Of Her Name I Was Told By A Few Lenders That I Could Refinance And At The Closeing She Could Sign The House Over To Me And She Would Have Nothing Else To Do With The House Is There A Law Stating That She Can Not Do This Or Something In The Fha Guidelins Stating Its Against The Law For The Bank To Do This ? |
01-13-2006, 10:19 PM
| | Senior Member | | Join Date: May 2000 Location: Catatonic State
Posts: 71,212
| | Quote: |
Originally Posted by KLBRYANT1234 What is the name of your state?New Jersey
I Am Trying To Buy The House Im Living In It Belongs To My Mother She Wants The House Out Of Her Name I Was Told By A Few Lenders That I Could Refinance And At The Closeing She Could Sign The House Over To Me And She Would Have Nothing Else To Do With The House Is There A Law Stating That She Can Not Do This Or Something In The Fha Guidelins Stating Its Against The Law For The Bank To Do This ? |
**A: you can't refinance since you have no loan to refinance. |
01-14-2006, 07:40 PM
| | Member | | Join Date: Jul 2005
Posts: 211
| | | You can go out and get a new mortgage (in your name only) to pay off the existing mortgage. At closing, your mother would sign the deed over to you. |
01-14-2006, 08:59 PM
| | Junior Member | | Join Date: Jan 2006
Posts: 5
| | | Refinance
Quote: |
Originally Posted by HomeGuru **A: you can't refinance since you have no loan to refinance. | They want her to refinance and then at closeing sign the house over to us |
01-14-2006, 09:06 PM
| | Senior Member | | Join Date: Aug 2005 Location: St. Odo of Cluny Parish
Posts: 27,470
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Originally Posted by KLBRYANT1234 What is the name of your state?New Jersey
I Am Trying To Buy The House Im Living In It Belongs To My Mother She Wants The House Out Of Her Name I Was Told By A Few Lenders That I Could Refinance And At The Closeing She Could Sign The House Over To Me And She Would Have Nothing Else To Do With The House Is There A Law Stating That She Can Not Do This Or Something In The Fha Guidelins Stating Its Against The Law For The Bank To Do This ? | Q: Is There A Law Stating That She Can Not Do This Or Something In The Fha Guidelins Stating Its Against The Law For The Bank To Do This ?
A: No; she can sell the house off as long as she pays off all the liens on it and as long as you come up with the dough.
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01-14-2006, 10:59 PM
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Originally Posted by KLBRYANT1234 They want her to refinance and then at closeing sign the house over to us |
**A: and what purpose or benefit will that be to her? |
01-15-2006, 05:46 PM
| | Junior Member | | Join Date: Jan 2006
Posts: 5
| | | refinanceing
Quote: |
Originally Posted by HomeGuru **A: and what purpose or benefit will that be to her? | She just wants the house out her name and she wants us to have it she is only asking for 10,000 but I think our credit score is to low to buy it straight out so 1 loan company said that they would refinance it and she would get her money and sign the house over to us at closeing another said this is against the law they will refinance it add me on and she would haft to stay on for a year who is telling the truth? there is an existing loan on the house that we have been paying |
01-15-2006, 05:50 PM
| | Senior Member | | Join Date: Aug 2005 Location: St. Odo of Cluny Parish
Posts: 27,470
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Originally Posted by KLBRYANT1234 She just wants the house out her name and she wants us to have it she is only asking for 10,000 but I think our credit score is to low to buy it straight out so 1 loan company said that they would refinance it and she would get her money and sign the house over to us at closeing another said this is against the law they will refinance it add me on and she would haft to stay on for a year who is telling the truth? there is an existing loan on the house that we have been paying | If there is a due on sale clause in the loan, then when ma signs it over to someone else, the whole loan becomes due and payable.
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01-15-2006, 06:24 PM
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| | | refinance
Quote: |
Originally Posted by seniorjudge If there is a due on sale clause in the loan, then when ma signs it over to someone else, the whole loan becomes due and payable. | Does this mean that if she signs the house over to us that we can refinance the existing loan |
01-16-2006, 09:02 AM
| | Senior Member | | Join Date: Aug 2005 Location: St. Odo of Cluny Parish
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Originally Posted by KLBRYANT1234 Does this mean that if she signs the house over to us that we can refinance the existing loan | This is a question of the Golden Rule: He who has the gold makes the rules.
So, stop wasting time on this forum and start talking to lenders.
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01-16-2006, 04:25 PM
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Originally Posted by seniorjudge This is a question of the Golden Rule: He who has the gold makes the rules.
So, stop wasting time on this forum and start talking to lenders. | I am sorry if you feel as though I am wasting time but I have been talking to lenders lots of them and I was writting in this form to try and see who was telling it to me straight and who was feeding me bull. Thank you for your advice. |
01-16-2006, 08:18 PM
| | Senior Member | | Join Date: Jan 2003
Posts: 17,303
| | | Why don't you simply BUY the house, obtaining a purchase money mortgage for the remaining mortgage balance? Mom can "gift the equity" (if any) to you in a Gift Letter.
If the goal is for you to own the house, mom to NOT own it, and her mortgage obligation eliminated, BUYING is what should be done. I don't even get why you are talking "refinance" when you are a intended owner, not a current owner.
Besides which, there are many great mortgage deals for first time buyers that are NOT available for refis, so by telling lenders you want to "refinance" you are potentially SCR****G yourself out of some adventageous mortgage programs!
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Last edited by nextwife; 01-16-2006 at 08:25 PM.
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