2007-03-23 09:06:28 · 3 answers · asked by big mama 1 in Business & Finance ➔ Renting & Real Estate
No.
Nobody is going to lend you money if you are not going to be in title.
There's likely to be a "due on sale" clause in the existing mortgage.
What you can do is have your friend quitclaim you onto title, and then in six to twelve months refinance into your own name, but we run into the "due on sale" clause on the existing mortgage again.
This does sound suspiciously like an invitation to get stuck in a straw buyer scam, but structure of the transaction is everything. It could be legitimate, although I doubt it.
2007-03-23 09:25:43 · answer #1 · answered by Searchlight Crusade 5 · 0⤊ 0⤋
If you were going to buy from a friend w/ no money down, I think the best thing to do is go through the entire transaction at this time but do it with "seller financing". Your friend will basically hold the note on the loan and you pay your mortgage to him/her. You can then refinance when you are able to and will payoff your loan to your friend. Keep in mind that as a result, you will incur some closing closts twice. Whatever you decided to do, make sure you consult a good real estate attorney to make sure you are not getting hosed.
Good luck
2007-03-23 09:31:28 · answer #2 · answered by ecollado2000 2 · 0⤊ 0⤋
Yes. There would be a lot of expense involved.
2007-03-23 09:10:37 · answer #3 · answered by regerugged 7 · 0⤊ 0⤋