I have a freind who is in default on her mortgage loan and want to help her. She can't refinance because of her credit. There is equity in the home right now and I would like to know if there is a way that I can quick claim deed the house in my name and refinance it immidiatley to lower the payments since I have great credit. If so so, does anyone have any banks in mind that do that instead of waiting 6 months or so for vesting on title? Thanks
2007-01-31 05:39:45 · 5 answers · asked by marcus w 1 in Business & Finance ➔ Renting & Real Estate
Wouldn't it be nice if some people actually read the question before spouting an advertisement for an answer. A QUICK Claim adds a name to title ! Once recorded get a copy on the spot for the lender to use. Online property records often take weeks for the recent change to show up. You can find loan programs that dont require seasoning, wells fargo has some and offer several through their subprime branch called union planters.
It is very admirable of you to be willing to do this for your friend. You can e mail me for advice as you progress with this matter under one condition. There will be no personal business or compensation involved.
2007-01-31 06:01:42 · answer #1 · answered by Kevin H 4 · 0⤊ 0⤋
You can enter into a property sale; once the papers are signed the foreclosure is Noll&void the new mortgage is in your name, and the property is in your name. The agreement you come to with your friend, is up to you. Do not spread this information around until all the papers are sign. (Caution due to the property becoming rental the bank may not write as large a mortgage on it as an owner occupied property).
This is do-able, but you need someone to sit face to face with you as you accomplish this. You could have your friend exercute a second mortgage/home equity loan on the property with you as the person giving the money. The funds you can borrow at an institution and pay directly to the company trying to foreclose. This stops the foreclosure and creates a pay back path for your friend. This note will always be in second position to the first mortgage.
If your friend refinances in the future you will be given the money in full, just pay off the loan you took out to permit this to occur.
2007-01-31 05:53:19 · answer #2 · answered by whatevit 5 · 0⤊ 0⤋
A Quit Claim Deed (QCD) is not going to help. That just quits her interest in the property, not her obligation to repay the loan.
If she is truly a friend and you don't mind the potential loss of money, then pay her catch-up payment and worry about refinancing later. Time is running out quickly for her.
Also, you can negotiate directly with the lender with her permission (try a three way call) to buy her some time. Tell them that you will take over the payments and provide a long term solution by refinancing the property into your name.
Best of luck.
2007-01-31 05:46:48 · answer #3 · answered by David 3 · 1⤊ 1⤋
You know they say NEVER mix those two words together don't you??..I am not kidding!!..BIG mistake!!..But if you must simply pay what she owes for her to catch her up or buy the house from her..Call the title company, call a local lender (Countrywide or Wells Fargo) and buy the house from her for what she owes and then she can NOT make those payments either and you can have have lousy credit too....I am truly sorry!..This is a very bad position for you to be in ..Why not help her out by giving her a place to stay (with you) when the bank kicks her out? Instead of risking your credit for her!..It is so NOT worth it!..Good Luck in whatever you choose to do..ss
2007-01-31 05:52:55 · answer #4 · answered by Littlebit 6 · 0⤊ 1⤋
what state are you in, I know of a program at Wells Fargo Bank that could help you.
2007-01-31 05:47:35 · answer #5 · answered by Lottalady 4 · 0⤊ 0⤋