Title transfer to help refinance
I own a condominum in Arizona and since purchasing my condo my credit rating has gone poor.
Is it possible for me to sell my condo to my mother without costing her any upfront costs? My thinking is that she could get a mortgage at a better rate then what I am currently receiving (which is 10.5%). But I don't want to have her put up any downpayment. The proprorty has equity of 15K.
Any help you can provide is great.
1 Answer from Attorneys
Re: Title transfer to help refinance
I suggest talking with a lender to determine the best way to proceed. Mom's credit rating and ability to repay will be important. It may be that the lender would want both of you on the loan. The lender may also be able to advise you on how to make your credit more acceptable. If Mom is willing to cooperate and assume some risk, the lender should be able to work out something.