Home Buying in 96109>Question Details

homebuyer 89…, Home Buyer in Reno, NV

I am buying my mothers house. She just wants me to pay off the mortgage and it has to be out of her name. I

Asked by homebuyer 89508, Reno, NV Sun Jul 20, 2008

contacted a prime lender and was told all was a go as soon as we quit claimed the property from my mom to me. We did this, they backed out and now what? I have lenders saying no problem with my good credit and the home equity,come back in a year. A YEAR... Help. My mom is irrate and can't wait a year... Thank you for your time!

Help the community by answering this question:


You probably were already told this: a quit claim deed merely removes the name and the responsibility of one person over the property but does NOT remove that person's obligation to the loan.

Perhaps what you and your mother can do is to execute a normal transaction --- she selling the property to you, and you going through a mortgage company.

Shop around for lenders and find the best rate. How about contacting the lender who currently holds the mortgage? They may be more motivated to service a new loan for the same property.

Here's a link to an article that explains quit claim deed. The situation described seems to parallel yours. http://www.thinkglink.com/Quit_Claim_Deed.htm

Good luck!
0 votes Thank Flag Link Sun Jul 20, 2008
Hi Jeff,

Apparently you were given the wrong advice when the property was quit claimed to you because lenders ( and this has been their outstanding policy) require that the property is in your name for one year( it's called seasoning ) and you have to prove that you are also making the monthly payment for that 12 months. Right now, is there another child that your Mom can sell this property to? This is really ot the best of situation.
0 votes Thank Flag Link Sun Jul 20, 2008
Every lender has their own internal policy as to when and how you can refinance a property. Some require 12 months on title, some require a day. It probably would have been easier for you to buy it from her with a gift of equity but it's okay that you didn't. Flagstar allows one day of title seasoning in order for you to refinance the property. If you would like to contact me to discuss your options, I'll be glad to go through it with you. Usually in order to refinance, you just need to quit claim before the application is taken, which you have done. I don't think you should have to wait a year.
Please take the opportunity to call me at your nearest convenience.
Luke Allison
Flagstar Bank
0 votes Thank Flag Link Sun Jul 20, 2008
Have you asked WHY they want you to come back in a year? This sounds like we don't have all the data. Are there additional loans on the property? It may be time to involve an attorney.
0 votes Thank Flag Link Sun Jul 20, 2008
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