an you give your house to someone?
ur face asked:
Our situation is that we cant afford our house anymore, and my uncle really liked our house, so me and my family were thinking and we thought that my uncle proposed a good dea;he would give us a lot in Mexico and 5000 on the spot to find another place or for watever, but the thing we need to know is can we just transfer the house to him? that is, to just give him the house with our 4 years of payments so he doesnt have to start over, so none of us lose money, at our current interest rate, in simple terms can we just give him our mortgage? is that legal or is there a process for that or would the best thing be to just keep it on our name and just have him live there and pay the bills?
mexico mortgage financing
Our situation is that we cant afford our house anymore, and my uncle really liked our house, so me and my family were thinking and we thought that my uncle proposed a good dea;he would give us a lot in Mexico and 5000 on the spot to find another place or for watever, but the thing we need to know is can we just transfer the house to him? that is, to just give him the house with our 4 years of payments so he doesnt have to start over, so none of us lose money, at our current interest rate, in simple terms can we just give him our mortgage? is that legal or is there a process for that or would the best thing be to just keep it on our name and just have him live there and pay the bills?
mexico mortgage financing
Posted by Admin on June 10th, 2009 :: Filed under Personal Finance
Tags :: Current Interest Rate, Dea, Lot, Mexico, Mexico Mortgage, Money, Ur Face, Watever
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June 10th, 2009
Depending on the mortgage. I think most cannot be transfered and still keep all the orginial stuff.
I think what you can do is give the house as a “gift of equity”, but he will need a new mortgage to cover the rest. For example,
Say the house is worth $100,000
And your family has $20,000 equity
You could give your uncle the equity, and he would need a mortgage to cover the other $80,000
June 11th, 2009
You need to talk to a good Lawyer specializing in Real Estate matters.
You can not just give the mortgage to you uncle… he would have to buy the property and get his own financing.
You could sell it to him for what is left on the mortgage to satisfy your lender but just giving him the mortgage isn’t going to work.
June 13th, 2009
If you let him start making the payments to the bank and they take the payments from him them you can just transfer ownership. Now they may call the loan due, so if you do that I would advise calling the bank ans seeing what they will do.
June 14th, 2009
Well, on paper, No. He has to go thru the process of purchasing the home, if the home is below the market (of when you bought it) then try to negotiate something with him. But for no reason, sign over the title of the house without him signing on the mortgage. I have a feeling the same will happen to him and eventually he will not be able to make payments and you will be on a worse situation than now.
June 15th, 2009
Sometimes you need a professionals help and random people over the internet are not exactly professional. My advice, get a good lawyer.
P.S. I am not a Lawyer of any kind.
June 17th, 2009
talk to the person or company that helped you buy the house see what they say.
June 18th, 2009
I would rent it to him.
If the bank catches wind of you just giving it to him, they can call the note.
Typically, he would need to qualify for his own financing, or to take over your financing, he would need to qualify with your bank.
June 20th, 2009
Depending on the type mortgage you have it may be assumable. That means if your uncle meets the requirement of loan approval, fpr a fee he can assume the loan and it will be transferred into his name without taking out a new mortgage. Call the lender who gave you the loan and ask if it is an assumable loan and what the exact procedure is. It’s worth making the call.