My best friend bought a house last year, but it had to be in her mom's name because her mom was able to get a better loan. Now she and her mom are at odds and she wants to get the loan in her name and the title in her name. What does she have to do?
2007-04-21 08:06:10 · 8 answers · asked by bpblackbarbie5 2 in Business & Finance ➔ Renting & Real Estate
They would need to get something called a "grant bargain sale deed" That will allow the mother to transfer the title to the daughter. They will also need to fill out a declaration of value form. Have the deed notarized and have them bring both of these documents to the county recorder's office. They do not need to refinance or anything.
2007-04-21 08:37:01 · answer #1 · answered by Las Vegas Go To Loan Guru 3 · 2⤊ 0⤋
The mother would have to sell the house to her daughter at an "arm's length transaction". They aren't divorcing spouses, so they can't do a buy out refianace. If she was listed on the title, then a refinance may be possible, but I assume the whole deal went down sloey in mom's name. She may also want to try to work things out with her mom if she can. I lost my mom three years ago, and we were on great terms thank goodness, but parents do not live forever, and most likley the issues are smaller than their love for eachother. But in this case if that is not an option, then she would have to "buy" the home through a purchase transaction. Terms can be written up that the amount of financing can match the balance owed on the home so that the liability is paid off, but of coursse your friend must be able to be approved for the loan first with good credit, steady income, and two years trackable empolyment. Wish her good luck!!
2007-04-25 07:56:40 · answer #2 · answered by novastarbanker 3 · 0⤊ 0⤋
you are the owner of the living house & applicant of the indoors maximum loan. basically you pays off the indoors maximum loan and not your father. you would be taking money out of your father to pay off the indoors maximum loan, not quickly your father is paying for the living house from you. What legal tool do you recommend to execute for moving the living house on your father? Execution will contain Stamp accountability & Registration costs. It will not be able to be a cutting-edge deed as a attention volume is in touch. while you at the instant are not incurring any income or income in the transaction, there isn't any tax implications. HMT
2016-12-10 07:56:15 · answer #3 · answered by nations 4 · 0⤊ 0⤋
It's a simple procedure to get the house in her name, provided the mother's agreeable. The loan however is another matter. She will have to refinance the house and prove to the bank that she's capable of handling the mortgage payments herself.
2007-04-21 08:23:20 · answer #4 · answered by Angie 6 · 0⤊ 1⤋
if the deed only has her moms name on it then it legally belongs to her mother. she would have to buy the house from her mother and take out a new loan in order to have it in her name.
2007-04-21 08:11:41 · answer #5 · answered by george 2 6 · 0⤊ 1⤋
to your first question,, you don't.
she has to start over,, go to the bank, get a new loan in her name,, get mom to sign the deed over to her,,
2007-04-21 08:10:43 · answer #6 · answered by Jo Blo 6 · 1⤊ 0⤋
it takes two to tango! let her take a new loan and also reason with her mom so she can sign it
2007-04-21 08:13:50 · answer #7 · answered by Doll 2 · 0⤊ 1⤋
Quit claim deed and refi.
2007-04-21 08:10:02 · answer #8 · answered by Rosanna 4 · 1⤊ 1⤋