How do you transfer a home loan from a friend?
Posted by admin | Under Home Loan Tuesday Nov 11, 2008My friend is moving and she has not been able to sell her home. She asked me if I want to get the house by transfering the loan to me. I never have own a home, so I have been thinking about it…How can I do that? what are the risks and advantages of doing that?
You can't just hamd her First Mortgage Loan to you!
It's NOT that simple!
You would need to visit a Mortgage Consultant at your Bank and get APPROVED for a First Mortgage Loan.
Your neighbor can SELL the home to you!
You can get the MORTGAGE LOAN and payoff her loan directly through her lender through a Title Company to transfer the lien from her Lender to yours.
The property will them be recorded in your name, then you will need to get Title Insurance, and Homeowners Insurance to protect your interest in the real estate investment property.
You need to determine if you want to purchase this home?
What is the value?
Maybe get an Appraisal?
Get a Home Inspection Report? To check the real condition of the property.
Check the price of comprable homes SOLD in your area to the price she is offering to sell it to you?
Check the County Assessors Office website for your county to see the Annual Taxes to be PAID by you for owning this property. Other bills would include utilities, taxes, insurance, mortgage.
If you get a Realtor to help you they will expect a FEE $ ?
You can consult with a RE Attorney, Realtor, Mortgage Loan Officer or TItle Company Agent to get some help or advice or check with one of your family members who may have experience in buying a home and they maybe able to help you answer your questions?
A good website is www.wellsfargo.com Wells Fargo is the largest Home Mortgage Lender in the US. Another one is www.bankofamerica.com
GOOD LUCK! 
you will have to speak to the bank or the lender to get approval for that, and then you will have to get title transferred over to your name, or have yourself added to the title if both of you will be the owners of the home now
the lender will have to approve of you taking over the loan, I would also speak with an agent to make sure you fill out all the forms required in your state to transfer title and ownership to you
the lender and bank will look at your assets and credit to make sure you are a good risk to take on the mortgage and assume payments, if you are not a good risk or have high likelihood of default then they probably will not allow it to be in your name.
References :
First you need to see if it can be transfered to you with the mort comp. Second if the loan is transferred to you you also take in any late payment history along with it, if they were never late I geuss you wouldnt mind. If they were it will be reported as well on your credit. ( Considered it once until I found that out) Hope this helps
References :
You can't just hamd her First Mortgage Loan to you!
It's NOT that simple!
You would need to visit a Mortgage Consultant at your Bank and get APPROVED for a First Mortgage Loan.
Your neighbor can SELL the home to you!
You can get the MORTGAGE LOAN and payoff her loan directly through her lender through a Title Company to transfer the lien from her Lender to yours.
The property will them be recorded in your name, then you will need to get Title Insurance, and Homeowners Insurance to protect your interest in the real estate investment property.
You need to determine if you want to purchase this home?
What is the value?
Maybe get an Appraisal?
Get a Home Inspection Report? To check the real condition of the property.
Check the price of comprable homes SOLD in your area to the price she is offering to sell it to you?
Check the County Assessors Office website for your county to see the Annual Taxes to be PAID by you for owning this property. Other bills would include utilities, taxes, insurance, mortgage.
If you get a Realtor to help you they will expect a FEE $ ?
You can consult with a RE Attorney, Realtor, Mortgage Loan Officer or TItle Company Agent to get some help or advice or check with one of your family members who may have experience in buying a home and they maybe able to help you answer your questions?
A good website is http://www.wellsfargo.com Wells Fargo is the largest Home Mortgage Lender in the US. Another one is http://www.bankofamerica.com
GOOD LUCK!
Answers and Tips enclosed
References :
RE Transfer & YOU!