Silvertable, Home Seller in Virginia Beach, VA

I purchased a home for my father with the mortgage in my name only. His name is on the deed. He wants to buy the home now, but it is becoming ..

Asked by Silvertable, Virginia Beach, VA Fri Nov 5, 2010

a problem. How long does he have to wait to buy the home if I remove his name from the deed. Since we can not refiance the home?

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Answers

4
It really sounds like you need good, professional advise. Being in Virginia Beach, I would suggest Tim Good with Newtowne Mortgage. 757-486-4500
0 votes Thank Flag Link Fri Nov 5, 2010
He can refinance the mortgage in his name since he is on the deed. You can then sign a quit claim or leave it in his name alone if allowed by the lender.

Good Luck!


Gerry Dunn
Associate Broker
Serving MD, VA and D.C.
301-651-8600
0 votes Thank Flag Link Fri Nov 5, 2010
Your fathers name on the deed is not the problem. The issue is whether or not the current value of the home is enough to pay off your mortgage when your father purchases it. If the value has dropped, your father will not be able to obtain a mortgage for the amount you owe. it will be based on the current appraised value of the home.
0 votes Thank Flag Link Fri Nov 5, 2010
Why would he have to remove his name from the deed? He's a legal owner already. If the house in worth less than what's owed, he won't be able to get a mortgage to pay you off.
0 votes Thank Flag Link Fri Nov 5, 2010
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