Posted by Lisa in VA on March 27, 2001 at 22:54:31:
and then pass the tax savings and future appreciation to her until she can qualify for a loan? Of course this will not meet your objective of getting the laon off of your equity line, but it could help her to qualify easily considering she will have equity built up.
How hard will the bank LOL? - Posted by Marty
Posted by Marty on March 27, 2001 at 20:04:42:
I have a renter in trouble as her child’s father has quit paying support. This means I don’t get rent. To get to the point–I purchased this property for this friend–she was going to LO with me. I would prefer to sell it outright to her to get it off my home equity line of credit so I can use it for a larger purchase. She makes little money–8.00/hr. (new job of 10 mo) and owes 4,000 on medical and charge cards. If she is able to buy it will save her 200/mo. I was considering quit claiming it to her so the bank would be more likely to give her a loan as it more a refinance-right? If the loan doesn’t go through we could quit claim it back – right? There are recording fees each time–what if we didn’t record it until the loan is approved?–illegal? And if not approved we just destroy the quit claim as it never happened.? Or even easier for us would be to just tell the bank I am going to quit claim it over to her if she is able to get a loan for purchase–they will LOL how hard? What would they say?
Re: How hard will the bank LOL? - Posted by dewCO
Posted by dewCO on March 28, 2001 at 14:13:31:
Get her preapproved first. She may not be able to get qualified! Then tell the loan officer what you want to do. They may even let you do the quit claim to her at her closing, IF she can qualify!