Magdalen77 Posted January 19, 2008 Report Share Posted January 19, 2008 This is kind of off the wall question. My dad is getting older and he wants to transfer title of his house to me. Months ago I told him "no" because I thought it would screw out of getting help from first time home owner programs, like downpayment assistance or closing costs. Well, this year I exceeded the income limits for all of the programs. I was at the borderline last year, this year no go. That I'm making more money is good news. My thought now is, if I'm on the title as the owner of this house will it help me in getting a mortgage despite my credit issues?I realize I have to talk to an attorney about pretty much all of this, but does anyone have any guidance?? Link to comment Share on other sites More sharing options...
firstsource Posted January 19, 2008 Report Share Posted January 19, 2008 What is your dad's home worth and what is owed on it? If the amount owed is a small enough percentage of the value, that could get you your first mortgage.Charles Link to comment Share on other sites More sharing options...
Magdalen77 Posted January 19, 2008 Author Report Share Posted January 19, 2008 What is your dad's home worth and what is owed on it? If the amount owed is a small enough percentage of the value, that could get you your first mortgage.CharlesThis is upstate PA and it's a small house, so it's probably not worth more than 80K. As far as I know it's paid in full. I remember years and years ago (maybe 18 years) when my step mother was still alive they re-financed and got an even lower mortgage. I'll have to ask my dad. I mean it's not like I want them to take a lien against it. They wouldn't will they? It would be their assurance that they could do that which might let them decide to give me a mortgage despite the fricking repo issue I have. I'm remembering too to wait until the SOL is up on the repo. All the CRs say DOLA is May 2004, so I'm guessing that means I'm free after May (or at least can use out of SOL as an affirmative defense). Though I may wait a month or two to be sure. Link to comment Share on other sites More sharing options...
firstsource Posted January 19, 2008 Report Share Posted January 19, 2008 It sounded like you were trying to get a mortgage on where you were living, that was owned by your dad. But now I think that he is living there and you are not?If that is correct, then I would suggest that you wait until you are past the SOL on your REPO. If you get on title and the collection agency discovers that you own a home, they can file a judgment on that property. IMHO it is not worth the risk. Now, once the SOL is over, and if you want to own your dad's home, then chances are he could give you the equity in the home and that would help you get your first mortgage. I just would suggest patience.Charles Link to comment Share on other sites More sharing options...
Magdalen77 Posted January 19, 2008 Author Report Share Posted January 19, 2008 It sounded like you were trying to get a mortgage on where you were living, that was owned by your dad. But now I think that he is living there and you are not?That's correct, he lives about 150 miles away from meIt I just would suggest patience.I'll try. I not so good at it.Thanks for your insight. I may be pestering you in a month or five. Link to comment Share on other sites More sharing options...
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