Home Buying in Cordova>Question Details

Tomik Carter, Home Buyer in Cordova, TN

How can I purchase another home?

Asked by Tomik Carter, Cordova, TN Sun Nov 4, 2012

A year and have ago I quick claimed my house to a management company to get out of it. The house is still in my name they just pay the mortgage and has been rented. I have been renting ever since I told that I sold the house. I don't want to continue to rent I would like to buy another home. How can I purchase another home?

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Aaron Ray’s answer
T. Carter, have you confirmed on-time monthly payments of your mortgage as the loan is still in your name?

If the home as been rented for 12 months or longer, are you filing the rental income on your tax returns?

What portion of the rental fee is the property management company keeping of the rent?

Do you have a copy of your management agreement with this company for a local real estate attorney to review with you?

If you still need some hands-on help, please contact me, Arron Rena' Ray, 901-652-5410, arron.ray@crye-leike.com, http://arronrenaray.crye-leike.com

Thank you!
0 votes Thank Flag Link Thu Dec 6, 2012
Good Answers from Philip and Barbara. I would check with the attorney who handled the quit claim and see exactly what you signed over and the agreement attached with it. There may be a time period or buy out from the management company when they will sell the house to the renter (rent to own company). As long as your name is still on the mortgage, you are responsible for that debt. People can qualify for 2 mortgages with a good down payment, great credit and low debt ratio, but it is not easy.

Best wishes,

Jo Shaner
0 votes Thank Flag Link Mon Nov 5, 2012
Great Question!! The first thing you need to do is select a Realtor who will work through the process with you. We'll have to confirm that the home you formerly owned has, in fact, been transferred out of your name, and ascertain under what circumstances it took place. This will have a direct bearing upon whether you will be in a position to buy right away, or if you may have to wait. Next, you"ll need to be pre-qualified by a mortgage company to determine if you have any credit issues that need to be cleared up and identify the amount of financing for which you may qualify. Once you have determined that you qualify for financing to purchase a home, then you and your Realtor can begin the process of identifying eligible properties that meet your criteria. Our company has an "in-house" mortgage company and a credit assistance program, and we have had a great deal of success in assisting people who have experienced financing and/or credit difficulties in the past. Feel free to contact me directly for additional information. It would be my honor to have an opportunity to earn your business.
0 votes Thank Flag Link Sun Nov 4, 2012
Hi T,

If I am understanding you correctly, you quitclaimed the title of your home to a management company but the loan is still in your name? If this is the case, it may be extremely difficult for you to qualify for another loan with the first one still in your name. I would seek the advice of an attorney immediately to find a more complete solution to your problem.

Good luck to you,

Barbara Grandolfo
0 votes Thank Flag Link Sun Nov 4, 2012
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