Creative refinance possibility

12 Replies

Hello ALL,

My dad has a property that has been in the family for years, it has tons of equity. He is considering selling this property and i am interested in taking control. Is there a way i could take over control of the property and refinance it into my name????

Perhaps if i am added to the deed of the home.

If he leaves it to you in his will. Otherwise you would have to declare him incompetent in court and get a conservators hip. 

Originally posted by @Roland Jefferson:

If he leaves it to you in his will. Otherwise you would have to declare him incompetent in court and get a conservatorship. 

what about a quick claim deed ? ? ? 

i think op wants to buy the property -no money down!

I think @debra leeson is right. A Quit Claim Deed should be all you need. The document should be free online someplace. Check with your local Court House to be sure.

Can i do a quit claim form even if he still has a small balance on the Mortgage?

Thank you all for your recommendations..

just an idea   combine quick claim deed and seller finance. 

RE: deed - Your father signs the deed over to you. You record the quick claim deed at the court house.  The deed to the property in now in your name. You then have legal ownership. 

RE: mortgage / purchase price.  Your father keeps his mortgage and you make the monthly payments to the bank to pay off his loan. The bank does not care who makes the payments. The bank just cares that the payments are made. 

If you are buying the house for more than the balance on the mortgage loan, your father creates a note (an I owe you).  Do not record the note.  You can then ...

1) Pay off father's mortgage first by making monthly payments, then get a bank loan to give father his remaining balance.

2) or Pay off father's mortgage first by making monthly payments, then continue to make monthly payments your father.  AFTER your father's mortgage is payed off, You/He can record the note .

Would that be a "Quit Claim Deed" you are referring to Debra?

Also, I'm no expert... far from it. But what about writing up a real estate contract with your dad for a fair price and use what is referred to as a wrap around mortgage. You pay your mortgage to your dad and he pays his mortgage to the financer.

Always seek legal advice when changing ownership of a property via deeds whether they be "quit claim" or "warranty" deeds or otherwise.

Hope this helps somewhat...

RL

Yes, Randy (RL) Williams.  I was referring to Quit Claim deed and seller finance.

A wrap would also be a good choose. (IMHO)

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