Family Deed Tranfers
Does any one know anything about family deed transfers. I live in virginia and I currently live in my uncles house and I have applied for a mortgage for the house and the mortgage broker said that I could purchase the house through a refi and family deed transfer. Any advice on this matter?? I would also like to add that the loan he has on the house now is a FHA and I am getting a loan to pay it off(ANY GLITCHES I SHOULD KNOW ABOUT). He is my uncle by marriage. He is my stepfathers brother and my mothers brother-in-law. ANY ADVICE ON MY SITUATION IS GREATLY APPRECIATED.[ Edited by uva378 on Date 04/08/2004 ]
What type of mortgage is it? Is it assumable?
In PA, transfers of real estate between spouses or blood relatives are exempt from transfer tax. I suggest you check with some local title insurance companies or the Recorder of Deeds for your county to find out the eligibility requirements for an exempt transfer where you would be purchasing the property, and also the required paperwork, such as affidavit.
the mortgage that I am getting is conventional loan and the one my uncle has is a fha loan. It is assumable but his mortgage company (chase manhattan) denied me. THis response is to swagmann thanks for your reply.[ Edited by uva378 on Date 04/08/2004 ]
Does he want you to take over the loan or just make payments? You could use a land trust then continue to pay on the FHA otherwise, they want your uncle to quit claim you the property to complete the refi.
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