Want to buy pre-owned home, current mortgage not in my name

DrLam · Joined: 10 Feb 2009 Posts: 2

have a residential property with the deed (title) in my name. the mortgage is still under my aunt's name (she's the previous occupant). I plan to sell the house and buy another in about 6 months. Should I re-fi to make my sell a more seamless transaction or can I leave the mortgage under my aunt's name to save on re-fi costs?

Working things out with my aunt shouldn't be a problem, I'm just not sure if I can acquire a new mortgage under my name if it's currently under someone else's.

I live in the state of Texas... someone please help ASAP! I may need to get started on the re-fi process if that's my only option.

DanAronG · Joined: 17 Oct 2008 Posts: 103

I am not sure about the the US, but in the UK you can't have a mortgage on a property unless you are also on the title deed. So your situation seems a little odd.

I would contact a local mortgage broker and ask for advice. The initial advice should be free.

DrLam · Joined: 10 Feb 2009 Posts: 2

Thanks, yeah it is a little odd. I initially did this to avoid an actual "sales" transaction between my aunt and I.

Yeah, i'll get in touch with a mortgage broker.

Jenie0109 · Joined: 27 Jan 2009 Posts: 307 Location: chicago IL

thanks for the info.