Question regarding Mortgage Title, my scenerio is, my parents are currently holding a mortgage at a APR around 10%(I know pretty dam steep but back then it was what it was going for heh). My parents Fico is not in the finest shape I must say, what I would like to know is what legal method or loophole can I do to get refi under my brother and I names. I know with our scores above 700's we can take advantage of the low rates and save my parents 1000's. Assuming the loan is not an option if I read the contract correctly. Something anything would like to give my parents some breathing room. TIA Kinetix
I belive in order to accomplish this, you probably will have to have the ownership of the house transferred to both yourself and your brother's names.
Kinetix Your parents may give you and/or your brother a gift of equity in the house. This will then allow you to be involved in the mortgage loan to refi the house. If yours or your brother income is sufficient, then you can be the only person on the mortgage loan itself while all 3/4 of you are on the deed and that will solve your problem. It is a complicated transaction, but not overly so. BTW, assuming the mortgage would only mean that you are assuming the existing interest rate loan. So in this case it is good that you can't assume. Good luck and if you want more detailed info please email me off-board. fla-tan
Thanx Fla-tan, I definetly will contact you off-board and give you more specific detail regarding what I want todo.
No we are not currently on the mortgage. I realize that but, is there a way of transfering onwership without getting there payment history (current mortgage)attached to me and my brothers credit record, befor refi. Thanx Kinetix
