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Old 10-28-2011, 09:23 PM   #1
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Default Property Guys, A Question

I believe my dad is giving up on the homeowners dream. He has been paying on the house for about 15 years, still owes about $35k or so, originally purchased in the $50k range. I imagine if I agreed to take over the payments, he would give it up free and clear.

Points of interest: Because he has been out of work, I suspect a payment has not been made since March
There was talk of resetting the balance of the loan, so that instead of 15 years left out of a 30 year mortgage, it would be back to 30, but he never received the paperwork for that loan, so that is a factor in limbo
The house has serious roof issues that have developed, that mortgage lenders would likely take issue with.
My credit is okay. High debt/income ratio last time I checked, but I plan to take care of that fairly quickly.

What I would like to do: Take over payments, pull equity out of the house (the property alone is worth $35k I bet) and throw a gable/pitch roof over the existing unit. Our guess is $10k-$15k for the 1900sq foot house. From there, start reworking the house as I get the opportunity.

Questions: How hard is it to swap names when it comes to property?
Will mortgage companies be irate if they learned of serious roof issues?
What will the mortgage company have to say about this kind of stuff?
When would be the best time to make a move, and how?
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Old 10-29-2011, 12:23 AM   #2
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Don't know how things work now or in NM . Paid ours off in 10 years 15 years ago. Only pulled equity out for 3 kids college. Things are alot harder now and banks are afraid to lend out money. Banks are willing to try and help out present homeowners. I take photo'* for three banks in NY. I'ts for homeowners in trouble. I try not to tell people to call the bank and they just want to get out of the house. The banks don't want the houses , they need the money. It'* better for them for late paying or non-paying homeowners to stay i the heated house and maintain it rather than the bank hireing various people to try (try, try, try) and maintain it. So try speaking to someone personally at the bank. I'm sure you can find that they are willing to help your family keep the house rather tha have an empty house. I wish you and your family good luck. You might be able to co-sign and reconsile the present loan then get your fathers name off and keep a good credit rating for him at the same time.
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Old 10-29-2011, 12:27 AM   #3
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Just a quick tip. If you do see anyone taking pictures ask them is they know any good sub-contractors. They usually meet them all the time. The sub will charge you less than the GC. Ask if you can drop his name. The sub usually hits off the inspector with something so no money out of your pocket,
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Old 10-29-2011, 10:34 AM   #4
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i was getting quotes for my roof in the 10-15k rang for my house, muti level 3000sqft. i started pricing stuff out and its a job thats mosty labor. it though work but worth not spending the money. i found a guy that would only charge 5k for the high part(not a fan of heights) maybe 25%, i did the other 75 myself and saved a ton. its not really that hard once you get the hang of it. there are so many places online and home depot that will teach you how.

as far as selling it i think its like he said they would rather your family keeps it and they will try to help out rather than foreclose. but to buy it i dont know about family but when i bought my house they hen through a bunch of inspections and made them fix everything or give concessions
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Old 10-29-2011, 11:37 AM   #5
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How much would renting a place compare with payments & mainteance on the house?.

If it'* about the same or less to make payments keep the house, not as an investment, but with a view to not having to pay rent forever.

Roger.
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Old 10-29-2011, 07:49 PM   #6
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yep and if you own the house the payments are like putting the money in your own pocket because eventually you can sell it. if you are renting you are giving the money to someone else.
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Old 10-30-2011, 12:23 AM   #7
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Not to mention retirement when you get there. When i bought my house 28 years ago it was 35k . Friends and family told me i was crazy. Paid off in 10 years and the house was sellable at 480k a few years ago. We never saved money for our 3 kids college but pulled 100k out of the house for thier schools. They have all graduated now and when we are ready to retire we can sell and have a big down where ever we like.
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Old 10-30-2011, 12:31 AM   #8
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Payments are currently 480 or so a month from what I understand. House could probably fetch 60 to 80 thousand if somebody bought it to flip, but it could be less. With a full overhaul, I bet it could easily fetch over 100k.

That mortgage payment will fetch you a 1 to 2 bedroom apartment. You might be able to get more, but at the expense of a shady neighborhood.
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Old 10-31-2011, 12:19 AM   #9
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Tricky business. Never as simple as swapping the names on the mortgage. But mortgage banks are hungry for deals and especially ones that stop a foreclosure. You need to get a real evaluation of the roof problem, an estimate for repair, and take it all to his bank and see if you can't work a deal with him. Or go to a second party lender and get a separate mortgage for the payoff. But that would require a house inspection. I think the first option the easiest route.
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Old 10-31-2011, 09:50 AM   #10
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I never mentioned that i have people who are 2-3 years in arears. Anyway could you make partial pymts for him. Or have other sibblings who could. I'm sure your dad would help you if the shoe was on the other foot. I know it'* alot to ask , but we do owe our parents everything. If you let the house go you might be kicking youself in the bee-hind later on . Missed oppertunities !
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