Getting a loan- options, help.

[wlg2007]

So we had some homeowners issues come up this past month and need a new septic system. Joy. Currently, my dad bought us our property/house that we are living in about 3 years ago. This was his "gift" to us, it is paid in full, there is no loans out there. Nor mine or my husbands name is on the property. The issue is this, we need to get a loan in order to get the septic fixed along with a few other household things.

My dad is willing to sign the property over to us as it is ours, he was just having it in his name to "protect" us per say. What is going to be the easiest/cheapest way to go about this?

Thanks everyone!

 

[Patience]

Unless you have serious credit problems or no jobs or unless you have judgments against you, you and your husband should be able to obtain an equity line of credit on your home after your father deeds it over to you. You can deduct the interest you pay which makes it a better deal than personal loans. Only borrow as much as you need. If you don't repay equity lines of credit, the bank has the right to foreclose on the house so keep the line of credit as small as possible and make all payments on time.

 

[wlg2007]

Thank you.

Is there a way to get the deed transferred over without forking out a lot of money?

 

[Marsheliz]

I'm a paralegal and our office only charges $100.00- $150.00 to do the deed.

 

[scrapquitler]

So we had some homeowners issues come up this past month and need a new septic system. Joy. Currently, my dad bought us our property/house that we are living in about 3 years ago. This was his "gift" to us, it is paid in full, there is no loans out there. Nor mine or my husbands name is on the property. The issue is this, we need to get a loan in order to get the septic fixed along with a few other household things.

My dad is willing to sign the property over to us as it is ours, he was just having it in his name to "protect" us per say. What is going to be the easiest/cheapest way to go about this?

Thanks everyone!

You can get an equity loan on the property if he puts the property in your name. I don't know how it would "protect" you if it's in his name

 

[Beth521]

your dad can definitely just deed it to you. I'd recommend having an attorney do the deed to ensure that it is right but you could do it yourself as there are templates and so forth online. However the 2nd thing you should look into immediately is homeowners insurance!

 

[Elainey]

I would check with an attorney before you do anything because there could be major tax implications for you or your dad.

 

[Patience]

I would check with an attorney before you do anything because there could be major tax implications for you or your dad.

Yes, this too, definitely.

 

[sweetdana]

So we had some homeowners issues come up this past month and need a new septic system. Joy. Currently, my dad bought us our property/house that we are living in about 3 years ago. This was his "gift" to us, it is paid in full, there is no loans out there. Nor mine or my husbands name is on the property. The issue is this, we need to get a loan in order to get the septic fixed along with a few other household things.

My dad is willing to sign the property over to us as it is ours, he was just having it in his name to "protect" us per say. What is going to be the easiest/cheapest way to go about this?

Thanks everyone!

I work at a mortgage co as an uw. We do not allow cash out for 6-

 

[sweetdana]

I work at a mortgage co as an uw. We do not allow cash out for 6-

Got cut off 6-12 months after changing title . Depending on the loan. Not sure if it is our rule or the industry, but be prepared..

 

[Cheshire Figment]

As long as the value of the property is less than $1,000,000 there is no Gift Tax involved, however a Gift Tax Return has to be filed for 2013.

There is no taxable income to the recipient when there is a Gift.

Make sure that an attorney handles the transaction. These will be some costs, especially transfer taxes, involved. So whoever handles the closing should prepare a HUD-1 for your records.

Once the transfer is done and the deed is registered you can then go to any financial institution of your choice to get a home equity line of credit.

Mike (CPA Retired)

 

[MinnieLovesMickey12]

There are no tax implications for putting the property from your dad's name to your name. Just do a quit claim deed. It costs about $200 plus filing fee at an attorney's office. Changing the deed of a house doesn't cost anybody anything other than the attorney fee. I have done this with several properties.

But as someone else stated, you may not be able to get a loan on it so soon after transferring the deed.