selling or transfer of title

[karensteele]

I am unemployed due to temporary health problems. Is it possible for me to transfer or sell the home I'm buying to a friend or relative in order that I can continue living here. The payments are too high for me-no chance to re-fi; wouldn't someone else be able to get new loans and save me? from california

 

[HomeGuru]

<BLOCKQUOTE><font size="1" face="Verdana, Arial">quote:</font><HR>Originally posted by karensteele:
I am unemployed due to temporary health problems. Is it possible for me to transfer or sell the home I'm buying to a friend or relative in order that I can continue living here. The payments are too high for me-no chance to re-fi; wouldn't someone else be able to get new loans and save me? from california<HR></BLOCKQUOTE>

The sale to a friend or relative is one option provided there is equity in the property and the Buyer refinances the loan. Another option is to sell the home to an investor that will lease the property to you on a sale/leaseback basis. If you transfer the property, you will still be liable for the mortgage payments.

 

[Tracey]

Be very careful when doing this -- make sure you have a contract specifying what rights you retain in the house (occupancy, repurchase, equity is sold, right of refusal, etc). Have the contract notarized & record it after the friend gets financing.

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This is not legal advice and you are not my client. Double check everything with your own attorney and your state's laws.