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Old 02-08-2010, 10:31 AM
 
Location: Lakewood NJ/Murrells Inlet SC/ N. Naples FL/Swainton NJ
4,025 posts, read 6,516,860 times
Reputation: 3530

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We are interested in getting rid of our home in NJ. My married son is interested in buying it. It would be a good deal for them and be an easy transfer for us. All we would want is for the mortgage and any closing cost to be paid (we are not interested in making any money out of the deal).

The mortgage is currenly with Chase. Would the bank be willing to support the transfer of title from us to our son and daughter-in-law and, essentally, allow the mortgage to be transfered to them? We would even be willing to co-sign (or whatever) the mortgage.

Doable??
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Old 02-08-2010, 10:49 AM
 
Location: Plano, Texas
1,673 posts, read 7,004,407 times
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They will not be willing to transfer title and the current note but you can sell to them.
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Old 02-08-2010, 10:54 AM
 
Location: Lakewood NJ/Murrells Inlet SC/ N. Naples FL/Swainton NJ
4,025 posts, read 6,516,860 times
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Quote:
Originally Posted by VictorBurek View Post
They will not be willing to transfer title and the current note but you can sell to them.
So they would have to obtain a new mortgage?
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Old 02-08-2010, 11:06 AM
 
5,340 posts, read 14,089,498 times
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Quote:
Originally Posted by tmozer View Post
So they would have to obtain a new mortgage?
yes. Uless you currently have a FHA loan, then they could assume your mortgage but they would basically still have to go through qualifying.
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Old 02-08-2010, 11:08 AM
 
Location: DFW
12,229 posts, read 21,411,120 times
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Quote:
Originally Posted by tmozer View Post
So they would have to obtain a new mortgage?
Are Mortgage Assumptions a Good Deal?

Probably, unless you have an assumable mortgage. Most (all?) conventional loans nowadays are not assumable, but government loans are.
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Old 02-08-2010, 12:01 PM
 
Location: Salt Lake City UT
61 posts, read 316,024 times
Reputation: 26
If you have a concern about them qualifying for a loan and if you are going to purchase another home and your income is enough to support two mortgages, you should look into a sale with a land contract instead of a traditional mortgage.

Your current mortgage would have to be over 12 months old,as you signed a paper saying that you would occupy the home as a primary residence for 12 months.
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Old 02-08-2010, 02:16 PM
 
66 posts, read 211,696 times
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Dad is that you?

My parents are doing the same thing with my wife and I and I live in NJ.
I would also like to hear some tips if anyone has any.
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Old 02-08-2010, 02:41 PM
 
Location: Salt Lake City UT
61 posts, read 316,024 times
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Hi MattNJ,
Would you qualify for the home if you were "just a buyer"?
Good credit, job history, assets?
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Old 02-08-2010, 03:09 PM
 
Location: Lakewood NJ/Murrells Inlet SC/ N. Naples FL/Swainton NJ
4,025 posts, read 6,516,860 times
Reputation: 3530
Quote:
Originally Posted by MattNJ View Post
Dad is that you?

My parents are doing the same thing with my wife and I and I live in NJ.
I would also like to hear some tips if anyone has any.
Nope. Different Dad.

I'm sure they could get a mortgage. They both have good jobs. The amount owed on the house is about 60-70% of fair market value. I just want to do it as easily and efficiently as possible.

I guess the best way to proceed is for them to look for a mortgage?
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Old 02-08-2010, 03:30 PM
 
Location: Salt Lake City UT
61 posts, read 316,024 times
Reputation: 26
One thought would be to put them on title with you, have them make the house payments directly to the lender (again, if it over the 12months seasoning of the loan) and in a year they could refinance.
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