Posted by TWM on August 28, 2002 at 07:51:14:
Troy,
If the person is willing to deed you the property then you now own it and can do what you wish.
Refinance when I have the deed? - Posted by TroyT
Posted by TroyT on August 27, 2002 at 22:20:00:
If a seller deeds the house to me with her existing financing in place (Assumption without qualification) can I now refinance the property with another lender - ie. get another mortgage?
Reason is, I have a seller willing to give me the deed subject to the existing mortgage which is a 10- year term with a very high payment. I’d like to sell this with a Lease Option and get my monthly payment much lower. Is it possible to do this?
Yes, but… - Posted by Russ Sims
Posted by Russ Sims on August 28, 2002 at 19:11:52:
You might have a hard time finding a lender that will do an “unseasoned” refinance…in other words the fact that you will have been on title for less than a year could be a problem. I did an unseasoned refinance last fall on a subject to property I only had for 3 months. So I recently tried to do another one and found the lender I used stoped offering that option…now I have to be seasoned for a year. If you don’t know any mortgage specialists, open the phone book and call the company with the biggest ad in there…They’ll have lots of experience. Ask them if they work with lenders that will do an undeasoned refi. Maybe call 2 or 3 places to get maximum input…
Russ