Home Selling in 19138>Question Details

Logank, Home Seller in 19138

Can i sell my house to my wife in MA, basically to refinance since i'm unable on my own and she would be first time home buyer (not on my?

Asked by Logank, 19138 Mon Feb 1, 2010

deed/mortgage)

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4
Robin Silverberg’s answer
Your wife would not qualify for the credit because no family sales qualify. Also, if you are behind on your mortgage, or you are in foreclosure, she cannot take over the loan because that would be considered a foreclosure bail-out. There is no way that you can get around this because I am sure that some document of hers has the address on it, so you would not even want to try to do something as fraudulent as cheating the system like this. If you can't refinance because you don't show enough income, and you need her income to qualify, she can be a co-borrower on the loan with you.
0 votes Thank Flag Link Mon Feb 1, 2010
Don't take our word for it. Talk with a local Realtor, a title officer, and a lender. You need someone to provide you with some options...legal ones, that is...
0 votes Thank Flag Link Mon Feb 1, 2010
Keith Sorem, Real Estate Pro in Glendale, CA
MVP'08
Contact
Your wife will not qualify for the first time buyer tax credit if she buys the home from you. A spouse or close relative does not qualify.
Web Reference: http://www.dan-rich.com
0 votes Thank Flag Link Mon Feb 1, 2010
If you are going to try for a short sale--no you cannot sell to your wife--it has to be an arm's lenght deal--if you are planning to do a regular sale, yes.
0 votes Thank Flag Link Mon Feb 1, 2010
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