Home Buying in 11236>Question Details

Vanessa.robe…, Home Buyer in Brooklyn, NY

I have bought my house in my sister's name but I pay the monthly mortgage. How can I move the house into my own name without huge closing costs?

Asked by Vanessa.roberts, Brooklyn, NY Fri Jun 14, 2013

I did this because I had no credit. I have now bulit up excellent credit and can put a down 20 percent down payment.

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Answers

8
Hi Vanessa,

The only to put ownership of the house in your name is to do a deed from your sister to you. This involves having a lawyer prepare the deed and have it recorded in the public record. While this is not free, the cost is relative ly minor.

Michael Richman
Licensed Real Estate Associate Broker
KIAN Realty
450 7th Avenue Suite 1501
New York, NY 10123
212-757-8268 x220
917-991-2528
mrichman@kianrealtynyc.com
http://www.kianrealtynyc.com
1 vote Thank Flag Link Mon Jun 17, 2013
Talk to a Real Estate Attorney:

Joseph R Sorentino Esq.
(718) 444-1970
0 votes Thank Flag Link Fri Jun 14, 2013
Dear Vanessa:

All the previous answers are good, but quite frankly you should speak to a good real estate attorney to help you with that. You do not want to make a mistake.

Sincerely,
Mitchell S. Feldman
Associate Broker/ Director of Sales
Madison Estates & Properties, Inc.
Office: (718) 645-1665/ Cell: (917) 805-0783
Email: MitchellSFeldman@aol.com
0 votes Thank Flag Link Fri Jun 14, 2013
The only way really to get your sister off the loan and put yourself on it is with a refinance. All refinances come with cost, ALL REFINANCING COME WITH COSTS! You have bank related expenses and title related expenses.

So there are several different things you need to consider. Not only are the costs involved in a refinance something you need to worry about, but also depending on when you purchased this house, there is a possibility that the rate today could be higher than what you have now. So what are the costs? What are the rates and your new payment? These are things that you'll know when you take the time to meet with a Loan Officer and allow him/her to go over all the necessary documents and run the #s.

There is just too many things that come into play. Consider meeting face-to-face with a Loan Officer and go from there. I run into people with the same exact situation from time to time. Sometimes they think their relative has to come off so that their relative can qualify for a mortgage of their own, and that's not always true.

I'm always available to meet in our Brooklyn or Queens offices if you're in need of a reliable Loan Officer. Good luck!

If my response was helpful, consider clicking BEST ANSWER!

Javier Meneses
Senior Loan Officer
NMLS #23130
STERLING NATIONAL BANK
310 Crossways Park Drive
Woodbury, NY 11797
jmeneses@snb.com
(516) 606-9648 Cell
(631) 659-2011 Office
(516) 918-5383 Fax
0 votes Thank Flag Link Fri Jun 14, 2013
If you're getting a new loan you'll have closing costs. Shop lenders & get the lowest costs.
0 votes Thank Flag Link Fri Jun 14, 2013
Your sister should be able to add your name to the deed. You can also have her name removed. I did it with my exhusband even though his name is on the mortgage; I continue to pay it.


I think the only way to put the mortgage in your name is to take out a new mortgage.
0 votes Thank Flag Link Fri Jun 14, 2013
I would talk to a good mortgage broker who has a lot of experience and a down to earth personality. I am sure they would be happy to try and help you through the steps required.
0 votes Thank Flag Link Fri Jun 14, 2013
If you want the mortgage in your name you have to refi or get a new loan in your name. If you want your name on the deed you need to check with your lender to see if they will allow it and get a lawyer to make the changes and record it. You will likely open a can of worms doing this, so I would refinance in your name and be done with it.
0 votes Thank Flag Link Fri Jun 14, 2013
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