im paying the morgage on a house in my aunt s name,how do i get the title, and assume the morgage in my name?

Question

the house is to be turned over when my imig. status was legal, it now is, so id like to know how to go about getting it resolved

Answer 1

Usually you need to pay a lump sum to the owner, like 2,000, then the title will be transfered to you.

Answer 2

This answer is for property in the US (just in case). In order to be 'vested' in the property your Aunt will need to sign a Quit Claim Deed. You can go to any title company and they should be able to help you with that. To assume the mortgage you'll need to seek financing with a lender in your name. NOTE: It will be much easier for you to refinance if you do the Quit Claim PRIOR to applying for the financing. Preferably you should wait 90 days before the refinance, but there are some lenders that may not require seasoning on title depending on what type of refinance you'll be doing. As some have said - seek the advice of a Real Estate Attorney and they can explain in pure layman terms what needs to happen and probably handle 99% of the paperwork for you (the title part anyway). Good Luck!

Answer 3

Styll is correct. You need an attorney to draw up the transfer, assuming your aunt agrees to it, and the mortgage is a totally separate issue, and the lender may not want to let you assume it.

If it isn't assumable, ask the attorney if they can draw up a valid contract between you and the aunt, where you make the payments for a time until you can get your own mortgage. That way, you have "equitable title" under the contract, which means you have the right to gain "legal title" (a deed from her) when you fully perform. It may or may not be valid in your state.

Answer 4

It would depend on what country you are in. The element to transfer the equity is simple, you just get her to sign it over into your name, there may be problems with status as the mortgage payer, a lender may not consider you a good enough risk if you have little or no credit history. There also can be tax implications in many countries if it percieved that a large amount of value is being transfered to you as a gift. Giving away of property is often tried as a way of mitigating inheritance taxes and thats why it is either illegal in many countries or can mean big capital tax transfer bills if the person giving the property dies soon after the gift.

Talk to a mortgage broker and talk to a tax advisor....

Answer 5

you do no longer say regardless of if the lease is meant to cover utilities, coverage, taxes and different sundry expenses. If it does hide those products, then it extremely is not any longer too lots. even however the homestead has no loan, the actual belongings taxes are nonetheless due, the utilities might desire to be paid and generaly maintenance might desire to be executed, besides as house proprietor's coverage. you like mediation to get by this issue including your loved ones. submitting tournament is a drastic degree which will land up costing the two facets hundreds of dollars. See in case you will come across a lawyer who will quote a flat cost to furnish you some good advice related to the placement. Frankly, $25,000 isn't lots money and felony fees can actual be better than that quantity. there's a raffle the decide might rule on your want, despite the fact that it extremely is not any longer probable. you fairly do want a lawyer.

Answer 6

Scotsman is correct. But very few mortgages are assumable. If you have the property quit claimed to you and you can prove that you have made the last 12 months payments on time (Canceled Checks) then you will probably be able to obtain a refinance in your name only with proper documentation of a resident alien status (green card).
I am a loan officer

Answer 7

You could have your aunt deed the property into a land trust. This would normally NOT trigger the due-on-sale clause of the mortgage. Then you could simply keep making payments on it.

The other way to do it would be to have your aunt deed the house to you, then you would have to refinance the loan into your name. You would need a lender with no "seasoning" requirements because you would be refinancing very quickly.

Answer 8

consult a real estate attorney...Your aunt will need to deed it to you...and the mortgage will prob. have to be paid off (assume you'll need on of your own)... unlikely the mtg. will let you assume it...only one that does that with any regularity is the United States department of Agriculture - department of Housing and Rural Develpoment....so...consult a RE attorney about a deed (assume your aunt is willing) and consult a mortgage broker / bank for a loan...

Answer 9

Don't listen to these yahoo's. Get legal advise, hire a real estate attorney.

Answer 10

if the mortgage is asumable you can apply and if you qualify it could be taken over by you. a quit claim would work if she owned the property free & clear.