Financing in Chicago>Question Details

Adebo, Home Owner in Chicago, IL

I received a house from my parents via a quit claim deed, the house is in Chgo but I live in TX, how can I get the mortgage under my name

Asked by Adebo, Chicago, IL Mon Jul 25, 2011

Help the community by answering this question:

Answers

10
If it is a bail out it gets tricky, Have a local loan officer review your options, take all of the support documents and apply in person, have the LO review everything while you are there. Good luck,

Info on Lease Options:
http://www.trulia.com/blog/jimsimms/2011/11/rent_option_or_r…

Info on the criminal side of Credit Repair:
http://www.trulia.com/blog/jimsimms/2011/10/credit_repair_ca…

Info on Down Payment Assistance in Kentucky:
http://www.trulia.com/blog/jimsimms/2011/03/down_payment_ass…
0 votes Thank Flag Link Wed Nov 16, 2011
Most lenders will have a six month "chain of title" that will require the property to be in your name for that period of time. You may be able to do the mortgage as a second home, instead of a refinance; however, that would necessitate you providing evidence that you will not be renting/subletting the property at any time. The advice given regarding your parents mortgage being due in full is true...all mortgages have a "due on sale/transfer" clause that basically calls the note due. Very few lenders will exercise this option as long as the mortgage payments are made timely. And, your new mortgage will be a refinance, not a purchase. ...the determining factor is whether your name is on title or not. If it is (as in your case), it is a refinance. If not, it would be a purchase. Best of luck.

@Pandabear: Your situation is completely different. The only way you can "have nothing to do with this home" is to have your parents refinance/purchase it from you. Same guidelines apply regarding names on title. However, the fact that you took out the mortgage means you are responsible for it and nothing can change that except a purchase or refinance. Simply quit claiming the property to your parents will do nothing to remedy your situation: You give away the house, but keep the debt. Best to you also.
0 votes Thank Flag Link Wed Nov 16, 2011
Adebo,

I'm in a similar situation as yours. It's the opposite. I bought my parents's home for them. I would like to give the house to them via quit claim deed. I just wanted to know how things worked out for you. I don't want anything to do with this home.

Thank you!
0 votes Thank Flag Link Wed Nov 16, 2011
Your question leads me to ask these questions to help you ... (1) Do your parents currently occupy the property as their primary home? (2) Do your parents want you to take out a mortgage so that they their mortgage is paid off? (3) Do your parents + you want YOU to be the sole owner and hold title just yourself?

If my perception is correct with what I think what you want to do, you need to contact a Lender who can quickly qualify you to take out a mortgage in YOUR name and as previous posts indicate ... the mortgage will be for a property that is non-owner occupied by you, because you live in TX. Prior to closing your mortgage, the Lender will need and work with you to make sure there are quit claim deed(s) from your Parents.

Call me if you want to benefit from an offline discussion to the process and your next steps.
0 votes Thank Flag Link Sat Sep 10, 2011
Hi,

You must do a purchase or refinance in order to get the loan in your name only. I assume that the lender has went over all of your requirements and it is their requirement that you wait this amount of time. You can always ask another lender.

Regards,

Terry
0 votes Thank Flag Link Mon Aug 8, 2011
The mortgage is not assumable and I was told I would have to wait 6 months and after that I could 'refinance' and then put the mortgage under my name but having to wait 6 months seems odd to me. Don't know if this is just the policy for this bank.
0 votes Thank Flag Link Tue Jul 26, 2011
You can get a mortgage under your name. You cannot get an owner occupied mortgage but an investment mortgage. If your parents had a mortgage on the property it is due-so check to see if it is assumable.
0 votes Thank Flag Link Mon Jul 25, 2011
I suggest you consult with a real estate attorney to direct you. If you need a recommendation for a real estate attorney in the Chicago area, please contact me.

Thank you.
0 votes Thank Flag Link Mon Jul 25, 2011
Is the mortgage assumable...
0 votes Thank Flag Link Mon Jul 25, 2011
You will have to apply for a mortgage and pay off the old mortgage!
0 votes Thank Flag Link Mon Jul 25, 2011
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2015 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer