All Forum Posts by: Mary Lopez

Thank you Ramin Lavi!  Funny thing, it is the HELOC underwriter who is insisting on the recorded release of lien to submit to title company, but I will reach out to them and see what they can do.  Maybe the underwriter is not aware that title can help.

Hello,

I need some advice. I'm in the process of getting a HELOC and the lender needs a Release of Lien from a mortgage that was refinanced back in 2016. I personally went to the LA County Recorder's office and could not find any Release of Lien or Reconveyance when I refinanced in 2016. I called the previous mortgage company, Fay Servicing, and because the loan is so old, they don't have an answer for me and they seem to be giving me the run around. They don't have any documents showing a Release of Lien or Reconveyance, but the mortgage was paid off by the succeeding lender during the refinance. Also, since 2016 I have refinanced my home 3 times and this old lien never came up and the loans closed without problems.

Could someone please point me in the direction of how I can get this Release of Lien from 2016?  Is there anything I can do to release the lien myself?

Thanks  in advance!

Mary-

@David M.  the reason why they want to gift it instead of selling it to me is to avoid capital gains tax.  As a gift, they would not have to pay capital gains, or a gift tax for that matter, as the IRS allows a $11.58 million lifetime gift tax exclusion.  They also would not have to pay for NV transfer tax.  They are exempt from that tax as well due to property transfer from parent to child. 

I had consulted with 2 realtors and both seemed to think the QCD is the easiest way to transfer the property without tax implications.  If there is another way, we are open to exploring it.

@Steve Vaughan  Thank you. I will look into it.

@Andrew Postell, thank you.  I'll look into non-conventional lenders.  I was just hoping to get the lowest rates with a conventional loan, but there seems to be no way around the 6 month waiting period.  I could probably refinance again with conventional loan for a better rate once the 6 months is over.

I have a SFR rental in Las Vegas, NV that was recently transferred to me by quit claim deed from a parent. There is no mortgage on the property, it is owned free and clear. It is worth close to $400K and I want to get a cash-out refi of about $160K, but lenders are requiring that I hold the deed for at least 6 months before they will refinance it. Does anyone know of any NV lenders that would not require this 6 month waiting period?

@Chris Mason, thank you for posting those guidelines.  I imagine most people don't know these rules as I had no clue about it.  

@Phillip Dwyer, no I have not had it recorded yet.  I was planning on contacting a title company next week to do this for me.

I have a SFR rental in Las Vegas, NV that was recently transferred to me by quit claim deed from a parent. There is no mortgage on the property, it is owned free and clear. It is worth close to $400K and I want to get a cash-out refi of about $160K, but lenders are requiring that I hold the deed for at least 6 months before they will refinance it. Is there any way around this or do I need to wait 6 months? Hoping someone can give me advice.

@Brianne Leichliter  I'd love to get those contacts!  Thanks!