Change title and loan from one party to another?

Question

Trying to change title name with same existing loan?

Wayne Brooks · Answer

A 680 is right there for a new conventional loan.  You'll need to see a mortgage broker.  If the house will appraise for the loan balance And the arrears on the loan, buying at that purchase price would be less cash out of pocket as opposed to paying the arrears then buying for the loan balance.

Alex Cortez · Answer

Do i make a family transfer of title and get a loan and just buy it out. my credit is now 680 could I qualify for a good loan i was thinking maybe 15 years or 10 if possible thnks for input.

Wayne Brooks · Answer

Not sure how you're upside down on a 14 year old mtg? It should be close anyway.  If it's FHA, it's assumable, with credit approval.  otherwise if you want title in your name now, you buy sub2, with the associated risks.  Or you could "rent" while making her payments until you could qualify for a purchase mortgage.

Alex Cortez · Answer

Lost a house to foreclosure in 2009 was going to rent current hose living in know form sister-law . She had bought second house and was losing the house I am living in know . We agreed that I would get house mortgage current   Until my credit was good then I would buy home and put the house under my name removing her from the title . Is there a way to transfer or buy note on house with existing loan. House loan is in a fixed 30 year with 14 years already  paid on mortgage granted house is barley above water. Any options would help?

Pam Douglas · Answer

Are you tying to do a Subject To deal?Transfer title and the loan stays in homeowner's name?