I own a house and my credit stinks. I would like to refinance and instead of putting the new mortgage under my name I would like to put it under my nephews name. Is that possible?
2007-04-13 12:27:29 · 4 answers · asked by Kamal S 2 in Business & Finance ➔ Renting & Real Estate
I don't think so unless the mortgage is assumable, which would be rare these days.
2007-04-13 12:31:13 · answer #1 · answered by just me 2 · 0⤊ 0⤋
No, you can't refinance yourself off the loan. That would be a purchase from you to him. You can refinance and add someone on to the mortgage with you but they can't replace you.
2007-04-13 19:32:15 · answer #2 · answered by novastarbanker 3 · 0⤊ 0⤋
No. A mortgage has to be assumable (and they rarely are) to just tranfer it. But "refinancing" means you want to get a whole new loan--which you could do, thereotically, but the home would no longer be in your name unless he later quit claimed an interst to you. It would be subject to excise tax as you'd essentially be selling it to him.
2007-04-13 19:33:38 · answer #3 · answered by Anonymous · 0⤊ 0⤋
You would no longer own the house once you did that.
Your nephew won't be able to use property that he doesn't own as collateral, so you would need to transfer the deed to him.
2007-04-13 19:30:25 · answer #4 · answered by Vegan 7 · 1⤊ 0⤋