Ideas Please.
I just want to know what some of the seasoned investors out there would do.
My grandmother passed away a few years ago, and my grandfather(unable to take care of the place by himself) asked me if i would like to buy. "Of course!" i exclaimed it being the house i was raised in, but unable to find someone to finance it for me due to my wonderful credit score, my grandfather merely refied, and let me make the payment which i've been doing for a year now. heres where it gets iffy. we are sopposed to go back to the same place he refied through last year so that we can refy again only this time the house and loan will be in my name. thus giving me a nice equity of around 40,000 which i intend to use to start my investing career. but i was wondering if there was a way i could get the house and loan out of gramp's name without messing with the interest rate, cause i know it will go up. plus give me access to the equity?any thought are greatly appreciated.
[ Edited by raymo28 on Date 02/18/2004 ]
I don't see why you can't assume his loan without changing the interest rate on it, esepcially if you have proof that you have paid the mortgage for the past year.
I am interested in this question and what answers may present themselves, so I'm bumping this.
Maybe assign the house and the loan to a Trust and then assume power of attorney from you grandfather for the property? I don't know, I am just shoting bricks.
thanks for the help but i don't think anyone else wants to help
anybody?????????????
buy the property subject to existing loan. put property in land trust to minimize risk of due on sale. howeven any new financing to pull out equity will most likely have to be someones name not the trust.