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Transfer title of home


kato81
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Hello I have a question regarding a home that my brother owns. It seems that it would be easier for him to get a mortgage rather than a cash out refinance on a home that he owns free and clear. Would it be possible to put the Home in my name and then he can take out a mortgage to buy it back? Is that legal? And how would we go about doing it? Any info would be greatly appreciate it. 

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1 hour ago, kato81 said:

Hello I have a question regarding a home that my brother owns. It seems that it would be easier for him to get a mortgage rather than a cash out refinance on a home that he owns free and clear. Would it be possible to put the Home in my name and then he can take out a mortgage to buy it back? Is that legal? And how would we go about doing it? Any info would be greatly appreciate it. 

what are you trying to accomplish?

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5 hours ago, kato81 said:

Yeah we figured we would have tax to pay. He wants to pull money out against it but it just seems like it would be easier to get a mortgage instead of a HELOC or Cash out 

what is stopping him from getting a cash-out mortgage?

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  • 2 weeks later...
On 12/1/2022 at 3:26 PM, kato81 said:

Yeah we figured we would have tax to pay. He wants to pull money out against it but it just seems like it would be easier to get a mortgage instead of a HELOC or Cash out 

 

Actually it doesn't seem like one would be easier than the other.  Actually, since HELOC's are a LOT easier to close, I'd have to suggest that if "ease" is the primary goal, a HELOC is precisely the way to go.  (From a rate perspective, a conventional mortgage might be better, depending upon the amount to be borrowed.)

 

Getting a mortgage doesn't have to entail a home purchase and I wouldn't advise a sale/repurchase scheme in order to effect one.

 

I sense that there's likely a borrower qualification issue no matter what avenue you pursue.  If so, that might be a flag to rethink strategy.  If negative cash flow has been a chronic problem (along with associated credit delinquency), then I'd be hesitant to risk hard earned equity without bringing the underlying budgeting problems fully in hand.  (And if I'm off the mark in this speculation, apologies.)

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