How do I get this investment house into my name for the least amount of non- refundable fees?
by Mortgage Rates on Tuesday, November 23rd, 2010 | 2 Comments
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I was going to suggest a lease option. But now I see that’s what you are working on already.
I wouldn’t be too worried if I had a good lease option in place. If something tragic happened and the house was willed to you I’d think you could take over the payments, but I haven’t seen the note and don’t know what state you are in, SO CHECK IT OUT WITH A LAWYER TO BE SURE!
The lease option should give you the time to make improvements, let the lease (to the tenants) run its course and give you time to move in for a owner occupied loan.
Good luck
Have your dad transfer legal ownership of the house into a Land Trust that he creates & owns 100%. He can then sell up to 90% of his “beneficial interest” in this Land Trust to you – at any terms you & he agree to – without triggering the due-on-sale clause in the current loan.