Susan, Your best bet is to do a FHA which will allow your sister to sell to you the house for the full value and give you a gift of equity for the difference between the sales price and the mortgage payoff. You can also get a gift of equity for the closing costs (if there is enough equity). At the closing your lawyer will arrange for the transfer in the deed. The title company will file it for you.
I would suggest you use a different real estate lawyer. It is not uncommon for someone to live in NY and commute to Ct even if it is Canarsie.
The question I would like to ask you is how concern are you with your name on the "Loan"? Many people get caught up in loans when true ownership come from the Deed for the home. It is very easy to add your name to a Deed (estimately about $300-500 through an attorney) then deal with the hasstle of adding it to the loan. Once your name is on the Deed she can't do anything to the house without you knowing. This would be another option, you can later refiance her name off from the loan if you alone is able to carry the loan by yourself . Also If memory serve me correct and I don't know if this is still in play, but she can even sell you the home back for the amount that is currently owed on the loan. You would have to get a loan to make that process work. This is all base on your name NOT being on the DEED and on the existing Loan.
You need to speak to the bank who holds the mortgage about that and also hire an attorney to help you and make sure there are no mistakes. Use an attorney who specializes in real estate! Good luck!
Mitchell S. Feldman
Associate Broker/ Director of Sales
Madison Estates & Properties, Inc.
Office: (718) 645-1665/ Cell: (917) 805-0783
If you just want to get on the deed, have your sister Quit Claim on to the title. Ask your local title company for help on this. Also, as was suggested, using an attorney is also a good safeguard.
Roswell Moore, CMPS
Certified Mortgage Planner
We are a Direct Lender, Mortgage Bank where we originate, process, underwrite, fund, AND SERVICE our loans, in-house, with FHA (starting at a 580 score AND still only 3.5% down), FHA Streamline loans (NO minimum credit score, NO appraisal required) Go Green rehab loans, HomePath, Investor Friendly (10 financed properties), VA, USDA, Jumbo, Conventional, plus, we allow Escrow HoldBacks!
Call the attory you used for closing first, ask for advice. Yes there will be a charge. Are you trying to add your name to the deed? or the mortgage or both? The deed is easy..the mortgage if your are paying it then just get some kind of legal agreement made with you and your sister through an
If its assumable its easier was it FHA most of them are assumable. If all else fails, get preapproved first and then refinance in your own name, but you will have closing costs again
and other fees, have your sister gift it to you for a minimum amount. Again, consult your attorney.
If your name isn't on the Deed, then you'll need an attorney. This is a much simpler process and should cost less than $150.
I wish you good luck and hope I'm wrong about the mortgage.
PS.. If your thinking about putting your name on the deed.. Be aware that could trigger the mortgage being call due and forcing you to refinance the whole mortgage immediately and that could be expensive depending on the amount of the mortgage.. Ask Your Attorney !!!!!!