My sister is currently under a rent-to-own contract for my house. I am considering refinancing (I pay more $ than she pays me because of an adjustable interest rate) and wondered if I should/could refinance into her name so she can have the house. Her credit isn't that great and the contract is up in 4 months. I don't think she'll be able to buy it then, but I thought refinancing might help. Can I do this? Will my name come off the title? Will it help her buy the house? Will I be able to refinance in her name for the agreed upon sale price? Thanks for your help!
2007-03-06 09:22:53 · 2 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
you can quit claim deed the house to her but she would then have to obtain a loan on the property so you are clear of it. If you really want to dump it and she can only qualify for a loan of say 75-80% to value and you don't have a large payoff then you can do a second mortgage for her and just tear it up or don't even create one.
I would need to know the numbers involved to give you a better scenario. (balance of loan on house, value of property)
2007-03-06 13:36:22 · answer #1 · answered by Anonymous · 0⤊ 0⤋
No. You can't refinance property into some else's name.
You need to sell it to your sister and she needs to get her own loan.
How could you do a CFD with your sister when you still have a mortgage that won't be cleared when the CFD is paid? That's not the kind of thing you do to a family member!
2007-03-06 17:31:42 · answer #2 · answered by Bostonian In MO 7 · 0⤊ 0⤋