Hi
My brother wants to transfer his house to me, he is still paying mortgage on it and will continue to when it will be in my name.
can someone tell me what costs will be involved in this to him and me?
I am a student and he works full time.
2006-11-07 06:10:19 · 3 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
i wont be paying the loan... he will continue paying.. he just want to put it in my namee
2006-11-07 07:48:58 · update #1
You should discuss this financial deal with your brother before getting yourself deep in debt. Especially if you are a student and only work part time (or don't have a job). This is a big responsibility.
2006-11-07 06:19:47 · answer #1 · answered by Renee 5 · 0⤊ 0⤋
What a nice brother. I asume that someone might want to get his house because he's in a jam. Regardless of that, you might want to get the title company to deed it to you by your brother changing ownership through title company. You would also have to qualify to take over the mortgage payments. Which means that you would have to appy for the loan as well.
2006-11-07 14:42:08 · answer #2 · answered by Speedy 8 2 · 0⤊ 0⤋
The whole loan has to be in your name and with it goes the obligation of taxes , mortgage payments and insurance.
You should call a real estate broker or a bank to find out the details.
2006-11-07 14:20:23 · answer #3 · answered by debbie2243 7 · 0⤊ 0⤋