Profile picture for b.tab

How long do you have to be on title to a home B4 you can refinance it?

My ex-wife is ill and deded her house over to me. So it's all in my name but the mortgage is still in her name. Can I refinance with no cash out? Do I have to wait a certain period of time? I am getting conflicting answers from lenders.
  • February 01 2011 - La Mesa
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Answers (9)

I can help you.

Happy funding, Rudi
  • February 02 2011
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How long have you been living in the home? How long have you been on title? Have you been making the payments for her?  What is owed on the property and what is the current value?
  • February 02 2011
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6 months in California is probably a safe bet.
  • February 02 2011
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Profile picture for Bentley Advisors
Without advising on how to deed on and off title, I can say w/ great confidence that it's highly unlikely any lender will initiate foreclosure proceedings simply because title was fully reconveyed to a different owner. #1, it's not likely they'd even know. #2, even if they did, it's highly unlikely they'd foreclose on a performing loan. In other words, why initiate foreclosure proceedings on a home when pymts are timely and current? ...especially when they're so swamped w/ those that are delinquent.
  • February 02 2011
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Profile picture for Greg Flowers

In California most lenders want a new "owner" to be on title 6 months before they will recognize the new "person" as owner. This would be true for refinance, cash out, etc. Usually deeding 100% ownership to another person and the orgional owner deeding off title will trigger the lender into foreclosure proceedings (to protect their interests) so be careful taking wife off title completely. In this litigious economic environment we are currently in, banks own depreciating assets and are trigger happy to get them off their books. Talk to the lender you will be refinancing with and ask them how long they need to recognize a new owner on title. Any other lenders opinion will not matter...

  • February 01 2011
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How long have you been on the deed? 

Do you currently live in the property?

  • February 01 2011
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Profile picture for CA Direct Lending
I agree with Mark, but Fannie Mae is out.  They need "continuity of obligation" for at least six months and there are some other requirements.  

I asked my rep for one of my wholesale portfolio lenders about this and she said it may be possible and that she would need to know more details.  If you really need to get this done, please let me know.  I'd be glad to help.
  • February 01 2011
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Guidelines are different for different programs with varying wait periods and restrictions that seem to change quite often.  Thus, you may be talking with one lender that only can offer certain programs. 

Because of the no cash out, I would say you should be able to get it done if the LTV (what the balance owed on the property divided by what the house is worth) is acceptable along with acceptable credit scores and debt ratio as well. 
  • February 01 2011
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Profile picture for CA Direct Lending
The conflicting answers are probably the result of someone telling you that Fannie Mae's guidelines are 6 months (plus some other necessary factors) and someone telling you can do it through a portfolio lender.  

A portfolio lender lends their own money and keeps your loan rather than sell it.  It is possible that there is a portfolio lender who can do this for you. 
  • February 01 2011
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