title transfer - Posted by shannon pa

Posted by cleartoclose on October 13, 2003 at 13:21:44:

You may get a few opinions on this, but here’s my 2 cents. I’ve been a mortgage broker for 9 years.

I can’t tell from your post whether or not you understand that once you take title to the property you will have an issue mortgaging it until 6mos or a year has passed(seasoning issue). The alternative to this is to have the lady set the selling price at 50% of the value and sell it to you (transfer of title and the mortgage in one shot), but she will have to go through some paperwork.

Please elaborate and I’ll try again.

title transfer - Posted by shannon pa

Posted by shannon pa on October 11, 2003 at 13:26:51:

Hi and thanks for taking the time to read this, i have never been here before but my husband visits often… anyway! this is my deal, i have a lady that i take care of with no family, and i mean none, i am her closest thing. well, she is going to give me her house right here today and now, to do what i want with so long as she gets to live there till she passes on. the house is totaly free and clear and has been for many years. now, this is what i am planning and i need to know how to make it work. the house is worth about 50,000.00, i dont have the 2% to pay for sales tax, i want to have a morgage lined up for about 50% of the value that i can use for trans fees, tax fees, and use the rest for improvment to the property as well as some personal use. now, the other big thing is that this little lady understands nothing about any of this and trying to explain is just not an option, she is of very sound mind just not up on the way that things work on the legal end. so, please tell me how to get all this done and how i can do it without having to drag her through all the legal and formal BS. thanks so much and i will look forword to your responses. shannon