refinancing my mobile home

[tanbaby1218]

What is the name of your state (only U.S. law)? ga. i am trying to refinance my mobile home (sitting on almost 3 acres) to be stonewalled at every turn...if i were to give half ownership to my son (who lives here anyway), would refinancing then use his income as consideration also?? the few places that have even spoken to me have told me that "you don't make enough money to pay a $500 payment (which is what it would go to with refinance), so we will leave it at $700.....again my main question is would these places consider his income also in refinancing?? thanks

 

[TheGeekess]

What is the name of your state (only U.S. law)? ga. i am trying to refinance my mobile home (sitting on almost 3 acres) to be stonewalled at every turn...if i were to give half ownership to my son (who lives here anyway), would refinancing then use his income as consideration also?? the few places that have even spoken to me have told me that "you don't make enough money to pay a $500 payment (which is what it would go to with refinance), so we will leave it at $700.....again my main question is would these places consider his income also in refinancing?? thanks

What did the nice people at the banks/finance companies say when you asked them?

 

[OHRoadwarrior]

You did factor in the taxes for the gift? It is unlikely your lender will allow you to give away property they have a loan on. Why doesn't he help you pay off the loan so you have some equity and a lower payment to refinance with? If it is possible to obtain a more favorable loan, try another lender. New loan criteria went into effect in the new year requiring a higher percentage of income be available for a loan payment.

 

[tanbaby1218]

You did factor in the taxes for the gift? It is unlikely your lender will allow you to give away property they have a loan on. Why doesn't he help you pay off the loan so you have some equity and a lower payment to refinance with? If it is possible to obtain a more favorable loan, try another lender. New loan criteria went into effect in the new year requiring a higher percentage of income be available for a loan payment.

so are you saying that i can't make him a co-owner???

 

[Zigner]

so are you saying that i can't make him a co-owner???

You would need the permission of the note-holder.

 

[LdiJ]

You did factor in the taxes for the gift? It is unlikely your lender will allow you to give away property they have a loan on. Why doesn't he help you pay off the loan so you have some equity and a lower payment to refinance with? If it is possible to obtain a more favorable loan, try another lender. New loan criteria went into effect in the new year requiring a higher percentage of income be available for a loan payment.

What taxes on the gift? Where, anywhere in GA would you imagine that 3 acres and a mobile home could be worth more than 5 plus million dollars?...and who in the heck would be living in a mobile home AND need to refinance it if they had assets worth 5 plus million dollars? Come on OHR, you have been around these forums long enough to have seen dozens, or maybe even hundreds of gift tax questions answered so why in the world did you even ask that question?

 

[OHRoadwarrior]

What taxes on the gift? Where, anywhere in GA would you imagine that 3 acres and a mobile home could be worth more than 5 plus million dollars?...and who in the heck would be living in a mobile home AND need to refinance it if they had assets worth 5 plus million dollars? Come on OHR, you have been around these forums long enough to have seen dozens, or maybe even hundreds of gift tax questions answered so why in the world did you even ask that question?

This is a gift, not an inheritance.

How many annual exclusions are available?
The annual exclusion applies to gifts to each donee. In other words, if you give each of your children $11,000 in 2002-2005, $12,000 in 2006-2008, $13,000 in 2009-2012 and $14,000 on or after January 1, 2013, the annual exclusion applies to each gift.

http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Frequently-Asked-Questions-on-Gift-Taxes