Profile picture for LEL72

Transferrable Loan

As a result of my divorce, my sister bought my house.  I have made all payments and would like to transfer the loan (it is transferrable).  But, the home does not appraise for what it used to and so they will not transfer it without me putting down 15K, which I do not have.  Any advice?  Thanks!
  • June 07 2010 - US
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Answers (2)

Profile picture for wetdawgs
If your loan is more than the house is worth and you can claim a hardship (such as a divorce), then you may be qualified for a short sale.  However, with a short sale you cannot sell to your sister (it must be an "arms-length" deal). 

If you wish to sell to your sister, you'll have take out a loan to make up the difference.
  • June 07 2010
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try applying for city/state/county down payment assistance to help you cover your down payment and/or costs.  


company sponsored or government sponsored down payment programs are few are hard to find, but you will be surprised how much is available.


go to your local housing and urban development department or google down payment assistance to start your search.
  • June 07 2010
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