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Quit Deed Filed when can I refinance?

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jpfromsd

Junior Member
What is the name of your state (only U.S. law)? Washington

We moved from California to Washington about 4 years ago and purchased a hoe in my mother-inlaw's name. We could not do it because we we currently in BK chapter 13. We have been paying the mortgage since day one and paid partial closing costs. The down payment was a gift to my wife. Now we want to lower the interest rate by refinancing in our name. we are in the process of filing a quit deed to put the property in our name. I called Wells Fargo and they said we have to wait 5 months after the fact. Why do we have to wait if we have been making payments for 4 years? is this correct?

thank you in advance!:confused:
 


LdiJ

Senior Member
What is the name of your state (only U.S. law)? Washington

We moved from California to Washington about 4 years ago and purchased a hoe in my mother-inlaw's name. We could not do it because we we currently in BK chapter 13. We have been paying the mortgage since day one and paid partial closing costs. The down payment was a gift to my wife. Now we want to lower the interest rate by refinancing in our name. we are in the process of filing a quit deed to put the property in our name. I called Wells Fargo and they said we have to wait 5 months after the fact. Why do we have to wait if we have been making payments for 4 years? is this correct?

thank you in advance!:confused:
Why don't you just buy the house from mom? The down payment can be the difference between the value of the home and the mortgage balance. Then you don't have to do the whole quit claim deed bit.
 

justalayman

Senior Member
my favorite part is where you admit to probably committing fraud by using your mother in laws name to acquire the house with the down payment being a gift. I'm betting you did not inform the bankruptcy court of that gift.


. Why do we have to wait if we have been making payments for 4 years? is this correct?
You had no obligation to pay the loan so as far as Wells Fargo is concerned, all you have ever paid is rent to somebody. You gained no credit score improvement because of your regular payments.

You cannot refinance the home because you have not financed it originally. Wells Fargo is under no obligation to ever extend you credit so they can require the home be in your name for 5 months or 5 years if they so choose. You can attempt to obtain financing at any other lender you choose though but until it is in your name, nobody is going to loan you anything.
 

jpfromsd

Junior Member
I hardly believe I commited fraud in any way. My mother inlaw purchased the home in her name as long as we paid the mortgage, what is illegal about that? We were in no way going to be able to get a loan, so what law was broken? we just want to lower the payment because we just refinanced our home in another state to a lower rate but it is considered an investment property so we didn't get the lowest rate available. I was told that you could just file a quit deed form to put our name on the property since it is our primary address and refinance to our name...also, I wouldn't go through Wells Fargo anyway, just used them as an example...
 

jpfromsd

Junior Member
Why don't you just buy the house from mom? The down payment can be the difference between the value of the home and the mortgage balance. Then you don't have to do the whole quit claim deed bit.
How do I do that? can I just go to any bank and say I want to purchase the home?
 

justalayman

Senior Member
jpfromsd;3335901]I hardly believe I commited fraud in any way.
really? Didn't the trustee tell you you had to report all income from any source to the courts? You said mother in law gifted the down payment to your wife; that's income from a source that must be reported.




We were in no way going to be able to get a loan, so what law was broken?
because of the claimed gift during your bankruptcy proceedings went unreported.


I was told that you could just file a quit deed form to put our name on the property since it is our primary address and refinance to our name...also, I wouldn't go through Wells Fargo anyway, just used them as an example.
since the current loan is not yours, it is not a refinance. Yours is an original financing of the money. You can do it anytime you want but there is no requirement a lender loan you money and they do have the right to put stipulations on loaning you money. Either agree or go elsewhere. When you can find somebody willing to loan to you on your terms, sign the papers.
 

LdiJ

Senior Member
really? Didn't the trustee tell you you had to report all income from any source to the courts? You said mother in law gifted the down payment to your wife; that's income from a source that must be reported.
I do not agree with you. The home is in the mother in law's name. Therefore its not a gift at this point. Its not a gift until the transfer actually happens.

because of the claimed gift during your bankruptcy proceedings went unreported.
Same as above.

since the current loan is not yours, it is not a refinance. Yours is an original financing of the money. You can do it anytime you want but there is no requirement a lender loan you money and they do have the right to put stipulations on loaning you money. Either agree or go elsewhere. When you can find somebody willing to loan to you on your terms, sign the papers.
Agree with this part.
 

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