Happy new year to all
Here is my problem
In oct. of 2005 I took out a loan in my name for a dwmh a land for my daughter and son-in-law
They paid all closing cost and down payment with money given to them from other family members
Well since the first loan payment was due they were late in paying me but still within the 15 grace period, (but getting worse)
I pay the loan on time on or before the first along with my own house payment my son-in-law makes enough money to make the payments (2080 mo. Before taxes) payments 807.70
At the time we did the loan his credit scores were not good enough to get loan on his own ( we are working on it)
How can I get loan in his name an not mine, can I do a wrap around and let them refi not sure how to do this any help would be appreciated
Thanks Joe
Quit claim him on to the title.
You’ll need to have a lender doing the loan that does not have title seasoning.
ok i’m new to this how does this get home out of my name and in to his only
Quit claiming gets his name on to the title for ownership. He can the refinance the loan into his name.
Seasoning means the length of time an individual has been on title as owner. Many lenders require that you have to be on title for 6-12 months before refinancing.
He would still have to qualify for financing based on credit, income, and assets.
thanks that makes a bit more sense now
thanks for the info
Ben is correct…the only way to get the loan out of your name is a refi…there are programs for all sorts of buyers, though.
A quit-claim will take your name off the deed but not off the loan.
Keith
how bad is the bad credit? How soon do you want out - could you do this for 6 months??? What state are you in?