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djorge44
1213 Posts |
 Posted - 05/13/2008 : 1:33:12 PM
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My bosses father-in-law bought into a property, paid the owner 43K and was added to title 4 months ago.
The home should appraise for 160-180K.
There is a mortgage on the property now for 90K. My bosses father-in-law is paying the mortgage, not sure if he is paying it directly to mortgage company or to prior owner.
There agreement is he will refinance the note into his name within a certain time frame or sell the property.
The note on the 90K is over 10%.
Would it be possible to rate/term the mortgage into father-in-laws name since he has been on title for 4 months or am I going to run into seasoning issue.
Full doc, 700+ score, reserves up the A**
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CCraig
128 Posts |
Posted - 05/13/2008 : 7:59:56 PM
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You know, perhaps I shouldn't be the first one to ask this...but you are a mtg agent and your boss' dad is asking you for a refi?
I'm not real clear on the gl for conventional but you should be able to do it. FHA requires 12 months on title....right? |
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djorge44
1213 Posts |
Posted - 05/14/2008 : 06:42:14 AM
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My boss is the primary owner of the company I work for. He asked me what I thought would be the best way to structure the deal.
The issues we thought might come into play are seasoning issues.
I have never done a refi in 5 years where one of the people bought into the property with 43K cash down, was added to title and just started making payments for the prior owners mortgage. They have only made 4 payments so again, I was leary of a vested interest issue (although I think the 43K should take care of that).
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