I have a family member wanting to get out of a loan on their house, the house has about 50% equity, but needs some good repairs.
Can i add my name to the title, then refinance it in just my name?? What would be the more in-depth process or can it even be done??
You would have to buy it from her or put your name on the title and make 12 monthly payments to qualify for a refinance.
this is a perfect subject to opportunity…to clarify—u can purchase it ‘subject to’ the existing financing: transfer the deed to your name, then be sure to record it, and make 12-24 mo pmnts ON TIME, then you can refinance it into your name and own loan.
the loan would remain in your family member’s name, but you would be responsible for making the pmnts. if you are late it will still reflect on thier credit so be careful. this is a great way to buy the house and help them out at the same time, so they do not have to make the pmnts.
you can deal a per month payment or if you want per year payment just always remember be sure that you can pay that until the ended of talked time because if you miss one or more payments they can send you a case, where you can fight at court trial
Janey,
Can you please translate your post into english? it makes zero sense the way it is written.
lolz.