Can I sell my house to my wife for $1 and refinance?
I am 57 years old, and recently married. Both my wife and I own homes. In the next few months, she is going to sell her home. I currently have a 30-year mortgage at 5.75 percent. My credit rating is average due to some late bills, and a lot of credit card debt. My wife's credit rating is outstanding, and she has very little debt. I would like to re-finance under her name, and get a fixed, 10-year mortgage. Could I sell her my house for $1.00, and let her re-finance it under her excellent rating? We both earn around $70,000, and the mortgage is $165,000. by bradtintermen_454... from San Diego, California. Aug 18th 2011
Deborah Garvin (loanmonarch)
#497 ranked lender in California - 53 contributions
The lender is going to be concerned about the seasoning of the title work. If your wife is (and has been) on the title report you will not have any issues. If, however, you intend to "sell" it now and quit claim the deed to her; there would likely be an issue. I could run your scenario past my underwriting desk if I knew a few more things (loan to value, for example). I am local and would be happy to assist you. Deborah, 619.787.8212
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