Need help on how to swap homes
I have my home with a mortgage. My mother has hers with a mortgage. I live in hers; she in mine. I have been told that if I get on her title and she on mine; then we could re-fi each loan in the near future. At re-fi we would put the homes in only one name-meaning I would now have a loan on hers (where I live) and she a loan on mine (where she lives). My loan is a conventional. Her current loan is a FHA (I have no idea of why, when she did a re-fi two years ago they put her in that product). The advice I was given was to go to a title company and just have this done. I was then told, by a real estate agent, that since her loan is FHA that we cannot add me to the title. Neither one of us really wants to be out all the money that a new mortgage would cost-not to mention all the hassle that goes with it. Any help is welcome. by bcassler157 from , Texas. May 30th 2014
Dave Metsker (DaveMetsker)
#35 ranked lender in Oregon - 2,318 contributions
Contrary to what the real estate agent told you, you may add each other's names on ownership title ( the mortgage remains as it is, in the original names.) Both of you should be able to refinance in as little as 90 days, but you will most likely have to do it simultaneously, due to the apparent debt load you would have on the other property. You may want the new title vesting (ownership) to read: "Son Jones (grants to) Son Jones and Mother Jones, as joint tenants", and swap names on the other title. Contact me if you need help.
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