I just inherited a home, but the mortgage company won’t let me switch the loan to my name?
teia t asked:
They said I have to refinance to get the loan placed into my name. Unfortunately at this time I also got laid off from work. I have a nice savings, large severance package & I’m about to apply for unemployment. I’m also rebuilding my credit(Bankruptcy 9 yrs ago) so I’m afraid of getting denied for the refinance & thus losing the home. Should I just continue to pay the current mortgage then do the refinance once my Bankruptcy comes off my credit report in 10 months. Also how do I change the deed to my name.
ROLANDO
They said I have to refinance to get the loan placed into my name. Unfortunately at this time I also got laid off from work. I have a nice savings, large severance package & I’m about to apply for unemployment. I’m also rebuilding my credit(Bankruptcy 9 yrs ago) so I’m afraid of getting denied for the refinance & thus losing the home. Should I just continue to pay the current mortgage then do the refinance once my Bankruptcy comes off my credit report in 10 months. Also how do I change the deed to my name.
ROLANDO
October 13th, 2009 at 2:49 pm
VICENTE
you dont need to wait to refinance if you can get a job.
conventional loans require 4yrs discharged from bankruptcy…and fha requires 1 yr for chapter 13…and 2yrs for chapter 7.
either way you’re in the clear…question is can you find a job that will qualify you with the debt to income ratios
October 14th, 2009 at 5:50 am
JOSEF
You can go to an attorney or title company to get the deed moved over to your name. Depends on the state the home is in.
October 15th, 2009 at 6:12 am
HUBERT
The mortgage company will not change the loan to your name. With a will, they may change it to the “Estate of …” However, in the meantime, be sure to send them the necessary paperwork to insure you can communicate with them. Continue to make the payments and rebuild your credit.
Also, apply for a PRIME fixed rate loan. the IR may not be the best but the loan will be in your name. The worst thing they can tell you is NO and you know that already.
October 16th, 2009 at 5:02 pm
ROGER
You should continue to make the payments. And you should take the documentation that you have inherited to the county government center and have the document recorded.
As for refinancing, I think you are on the right track. But it never hurts to talk to a couple of different lenders once you are employed again. Again, just keep making the payments. Continue to clean up your credit history, and when the bad report is clean, refinance.
October 18th, 2009 at 3:01 pm
CORNELIUS
I think you need to see a lawyer on this one…I believe you could register the home in your name if you have a valid will that says the home is being left to you..My advice would be to do what you already said..just keep paying,,,keep all the payments current, rebuild your credit and then refinance later..
October 19th, 2009 at 6:40 am
WARREN
teia,
go to the house take lots of pictures. clean it up spruce up interior and outside.
PUT it up for sale. today.
start paying current mortgage and sell it.
this house is now an anchor around ur neck. u’ll get to drown with it. u got no money or credit - sell it.
visit daveramsey.com to learn the hard lessons coming ur way . credit is slavery.
keep ur saving and severance u’ll need them to live will looking for work.
October 22nd, 2009 at 1:18 pm
HAROLD
I woud just find a job you are going to have to refinance the home to get the loan in your name. The mortgage company is not going to bother you as long as your are making payments.
The BK is not an issue. Conventional loans only require 2 years out of BK and FC. I am not sure why someone keeps posting 4 years. As long as your credit is good the BK will not affect your possibility of refinancing just your employment situation.
October 22nd, 2009 at 2:27 pm
GUSTAVO
OK theres a lot of possibilities here, let’s look at your scenario:
1. You inherited a home - is the person that gave you the home deceased?
2. Have you put your name on title as of yet?
3. Are you retired or semi retired?
Feel free to contact me:
There’s a couple of ways to address your issues without loosing your home
October 23rd, 2009 at 12:04 am
ALFONSO
To change the deed into your name all you have to do is go to a notary with the will that the house was deeded to you. Most banks these days require 6 months seasoning after the home is deeded to you. In reference to your BK 9years ago… Most banks only care that you have been out of BK for 3 years. If you have any questions give me a call
Mark
Atlantis Financial
(866)272-6291
October 24th, 2009 at 3:38 am
KYLE
The reason they won’t just change the name on the loan is tht you didn’t sign the promsissory note for the loan.
You can change the name on the deed with a copy of the death certificaate and proff that you are the heir to the home but if the lender gets notice of the name change ( some get automatic notices of name changes on the loans they hold) they may invoke the “Due on Sale” cluse in the deed of trust.
You are better off living in the home, making the payments, and refinancing as soon as you get a job. The bankruptcy doesn’t have to be deleted from your credit report in order for you to qulaify, That will depend on your credit score.
You can check that by going to annualcreditreport.com for a free report. This is the Government site that allows you one free check per year with no strings attached.
October 24th, 2009 at 3:50 am
STEWART
The Bankruptcy will not get you denied! it’s not having a job . keep in mind your BK will stay on your credit for more than 10yrs lenders will not care as long as you re-establish new credit history after 12months after of your discharged/dismissal is all they care about.
to answer your question: you must have a job 1st then you can refinance it into your name, until then make sure you pay the mortgage, and also make sure that you are on title. If you have further questions email me: I do mtg loans in all 50 states
October 26th, 2009 at 1:34 pm
ALDEN
The executor of the estate can get things changed into your name. I may be able to get you refinanced.
October 27th, 2009 at 6:33 am
ADOLPH
Inheriting a house with a mortgage isn’t much of an inheritance - sell the house and clean up your debts and continue rebuilding your credit
October 28th, 2009 at 3:44 pm
MATT
Deed to your name go to county, and refi later in your name