Updated over 5 years ago on . Most recent reply
Refinancing Parents Property
Hi Team BiggerPockets,
Need some advice from the team... So my parents own a property in Florida where they have a lot of equity in this home and a very low amount owed on their mortgage. The issue that they have is that there credit is horrible and they filed for bankruptcy chapter 13 and it obviously reflects on their credit even though they did not go all the way through with it and ended up paying off some of their debits. They filed around 2008 for chapter 13... I have excellent credit and ten years of employment with the military. I would like to refinance with a cash out option to use that money to help them. They would like to fix the property and hold it. They currently have tenants in the property paying very low in rent but the current condition is not the best. They would like to put money back into the property and raise the rent. What is the best way to help my parents can i refinance, take them both off the title and add myself? Or should we just hire a RE attorney to handle a title transfer and then refinance? Thank you in advance for your time, advice, and any contacts would be appreciated. The property is in Kissimmee, Florida...Thanks Team BiggerPockets!!!!
Most Popular Reply
@Christopher Urbane one option the bank may consider is for you to be a co guarantor on the loan.