Question Details

Tanya, Other/Just Looking in California

Can I refinance a property if mortgage is on my name, but a deed is on someone else's?

Asked by Tanya, California Sun Feb 10, 2008

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No clue. I have seen some forums where property owners have claimed to receive payoff demands and or foreclosure notices on properties that the loans were current yet, conditions were not met (Due on sale, owner occupied, etc). HUD seems to be auditing quite a bit. You would think that they would be looking only to the delinquent accounts but, apparently not. When in doubt, you may want to contact your lender (Especially if FDIC insured or FHA-HUD and conditions of the loan are not being met). If they contact you first about the issue, it may be too late to fix. Good luck.
0 votes Thank Flag Link Sun Feb 10, 2008
Thank you, Christopher. Do you know how likely the lender will inforce the clause if the mortgage has an ajustable rate 5.25% (will adjust in 2 years), but is current and never has been late with payment? Unfortunately my agent never mentioned this particular situation...
0 votes Thank Flag Link Sun Feb 10, 2008
If you have quit claimed the deed to someone else, you have no true interest in the property. You must show ownership to refinance. If the deed were quit claimed back to you, it would be possible yet, the lender will look at the chain of title to the property and this situation will require some explaining. Although at this point you seem to have no legal claim to the property, you are still held responsible for the mortgage and all of it's terms which , in all likelihood, includes a "due on transfer or sale" clause which could cause an even stickier situation in the future.
0 votes Thank Flag Link Sun Feb 10, 2008
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