A few years ago I bought a home for my brother because he didn't qualify for a loan. The house is his, he lives there, and all that, and he makes the monthly payments, but technically I own it. We were going to try to transfer everything over to him, which our agent said would be easy, but we discovered that it isn't easy... we were able to transfer the title to his name but not the loan because my brother apparently still has bad credit. Is there any way we can move the loan to his name? Again, he is making all the monthly payments and has been doing so since the beginning. Any ideas? Legal loopholes? I don't feel comfortable keeping the loan in my name forever.
Clinton,MA | Jun 7th 2010
by gracegi...
Answer
by GVDenny
He will have to refinance and qualify on his own, there is no other way to remove your name from the loan. I also suggest that you not transfer the title to his name because all that will do is make you legally liable for the payments on something you legally do not own. At least if you remain on title you have some control of what happens to the property. Help him to work on his credit or consider selling it if you can get your name back on title. Gregorio Denny -- WeFixRates.Com -- Jun 7th 2010
by adennie
Unfortunately, your brother would have to qualify for your a mortgage on his own but he may be able to get a new loan without the need for a down payment. I do not know what type of credit problems he has but I would be willing to go over his credit report with him and work with him until he can qualify for a mortgage. Not the most easiest task but if he truly would like to own the home have him send me an email. We are a direct lender licensed in all 50 states. Hope this helps. Jun 7th 2010
As the other posters have said, the loan will have to be refinanced to get you off the note. I would advise you to get busy now on doing this as it will affect your debt ratios until your off the deal. And you will be responsible for the payment if he doesn't make it for any reasonYour bother will need to repair his credit file enough to qualify for the loan. There our other factors such as income, debt ratios but the credit will need to be 620 mid FICO or greater by today's standards which will more than likley only tighten in the future.We are partnered with a attorney based credit repair service that guarantees their work with money back if they can't do what they say they will. Jun 8th 2010
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