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assyrianmetal31
10 Posts |
 Posted - 05/24/2008 : 9:12:04 PM
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I have a client who bought a house 5 years ago she was single living with her family at the time ,she is on title and the mortgage note .well she got married and moved out and now she wants to take her name off the title and mortgage and she wants her brother who lives in the house to go on the title and mortgage how can she do this ?
does she have to rif and have her brother apply as the primary borrower or sell the house to him ?
your input is appreciated ! |
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CoralSnake
10552 Posts |
Posted - 05/24/2008 : 9:23:19 PM
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| If he is not on title now, she can sell it to him if its full doc and her current loan is paid on time. |
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assyrianmetal31
10 Posts |
Posted - 05/24/2008 : 9:54:51 PM
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| Ok Thanks alot ! |
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CoralSnake
10552 Posts |
Posted - 05/25/2008 : 10:40:21 AM
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Oh, I didnt see that the brother lives in the house.
Has he been making the mortgage payments from his checking account for 12 months? |
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assyrianmetal31
10 Posts |
Posted - 05/27/2008 : 09:36:42 AM
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I will find that out im still gathering the info. but what if he wasnt making the payment from his checking account for the last 12 monthes ,will there be any ristrictions ?
Thanks ! |
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johnnyboy38109
2803 Posts |
Posted - 05/28/2008 : 3:10:40 PM
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quote:
Originally posted by CoralSnake
If he is not on title now, she can sell it to him if its full doc and her current loan is paid on time.
Whether she paid the mortgage on time has nothing to do with the purchaser, absent other pertinents.
The poster should be mindful of:
IF the brother has been making the payments, it holds no weight (usually) absent a signed, recorded bond for title.
IF the brother has been making the payments absent a bond for title, the poster SHOULD NOT get cute and proffer some sort of backdated contract, and certainly not at this point have it recorded.
Be careful with this, I smell a fraudulent conveyance here. |
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assyrianmetal31
10 Posts |
Posted - 05/28/2008 : 8:50:21 PM
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ok here is the info :
actually client owned the house for 3 years now not 5
Brother been living there since day one ,he's not on the title
he didnt make any mortgage payment out of his checking Acct the last 12 months
like i said she was living with her parents and 2 brothers the older is on the title of the house so i guess he was helping his sister with paying the mortgage but the older brother has field for bankruptcy recently.
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johnnyboy38109
2803 Posts |
Posted - 05/29/2008 : 05:49:42 AM
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so what now is your question?
your potential borrower doesnt own the house, hasnt been making payments, and has no bond for title.....if he wants to be a homeowner he'll simply have to buy the house, either in cash or with a mortgage. |
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assyrianmetal31
10 Posts |
Posted - 05/29/2008 : 08:14:31 AM
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thta was what im looking for to see if this is ok he can buy the house with no ristrictions or certian guidelines . |
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johnnyboy38109
2803 Posts |
Posted - 05/29/2008 : 09:02:25 AM
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quote:
Originally posted by assyrianmetal31
thta was what im looking for to see if this is ok he can buy the house with no ristrictions or certian guidelines .
Huh?
I think what you are looking for is some benefit to be gleaned from being a relative and having occupied the home...........there is none. |
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assyrianmetal31
10 Posts |
Posted - 05/29/2008 : 6:56:15 PM
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johnyboy38109,
thanks for your reply
so when you say there is none did you mean there is no guidelines ristrections ?
thanks |
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JasonAaron1
1058 Posts |
Posted - 05/29/2008 : 8:42:32 PM
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| No disrespect intended, but you might want to work on the file with someone in your office or your manager as well. |
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assyrianmetal31
10 Posts |
Posted - 05/29/2008 : 9:22:48 PM
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yeah i will , thanks for all who replied i appreciate the time ! |
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johnnyboy38109
2803 Posts |
Posted - 05/30/2008 : 6:20:23 PM
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quote:
Originally posted by assyrianmetal31
johnyboy38109,
thanks for your reply
so when you say there is none did you mean there is no guidelines ristrections ?
thanks
Guidelines restrictions as to what? The brother will have to qualify on his own merits.
There's no benefit to him having lived in the home and made or not made payments if there's no recorded bond for title. |
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