Question : How do you transfer a home loan from a friend?
My friend is moving and she has not been able to sell her home. She asked me if I want to get the house by transfering the loan to me. I never have own a home, so I have been thinking about it...How can I do that? what are the risks and advantages of doing that?
- asked by Orinoco River
All Answers:
Answer #1
you will have to speak to the bank or the lenderto get approval for that, and then you will haveto get title transferred over to your name, orhave yourself added to the title if both of youwill be the owners of the home nowthe lender willhave to approve of you taking over the loan, Iwould also speak with an agent to make sure youfill out all the forms required in your state totransfer title and ownership to youthe lender andbank will look at your assets and credit to makesure you are a good risk to take on the mortgageand assume payments, if you are not a good risk orhave high likelihood of default then theyprobably will not allow it to be in your name.
- answered by sensei ronald j.f. panlilio
Answer #2
First you need to see if it can be transfered toyou with the mort comp. Second if the loan istransferred to you you also take in any latepayment history along with it, if they were neverlate I geuss you wouldnt mind. If they were itwill be reported as well on your credit. (Considered it once until I found that out) Hopethis helps
- answered by silrus
Answer #3
You can't just hamd her First Mortgage Loan toyou!It's NOT that simple!You would need to visit aMortgage Consultant at your Bank and get APPROVEDfor a First Mortgage Loan.Your neighbor can SELLthe home to you!You can get the MORTGAGE LOAN andpayoff her loan directly through her lenderthrough a Title Company to transfer the lien fromher Lender to yours.The property will them berecorded in your name, then you will need to getTitle Insurance, and Homeowners Insurance toprotect your interest in the real estateinvestment property.You need to determine if youwant to purchase this home?What is the value?Maybeget an Appraisal?Get a Home Inspection Report? Tocheck the real condition of the property.Check theprice of comprable homes SOLD in your area to theprice she is offering to sell it to you?Check theCounty Assessors Office website for your county tosee the Annual Taxes to be PAID by you for owningthis property. Other bills would includeutilities, taxes, insurance, mortgage.If you get aRealtor to help you they will expect a FEE $ ?Youcan consult with a RE Attorney, Realtor, MortgageLoan Officer or TItle Company Agent to get somehelp or advice or check with one of your familymembers who may have experience in buying a homeand they maybe able to help you answer yourquestions?A good website is www.wellsfargo.com Wells Fargo is the largest Home Mortgage Lender inthe US. Another one is www.bankofamerica.comGOODLUCK! :-)
- answered by Jedi Master YODA
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