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I am getting a house built and I 'gifted' the money to the

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building company, not to my...
I am getting a house built and I 'gifted' the money to the building company, not to my future-hubby's bank account. After I wrote the downpayment to the building company he got the mortgage and it states we have to sell the house before he can close on the mortgage. Which is fine, however, I contacted the company and said due to kids needing to start school in a few months I have to enroll them and the house will be finished building soon. The current house is not on the market yet due to the fact of things we have to finish up . Anyway, I contacted the mortgage company and asked if I paid the current mortgage as a 'gift money' could we change things and have the house sold the latest in august since i have enough (he has enough money for 2 mortgages) but this is what I was 'gifting' . I get a response back "due to the way the mortgage is set up , that cannot happen" can a mortgage company do what I am asking? I am nervous due to the new house being finished soon.
Submitted: 2 years ago.Category: Real Estate Law
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Answered in 11 hours by:
5/23/2015
Real Estate Lawyer: Irwin Law, Lawyer replied 2 years ago
Irwin Law
Irwin Law, Lawyer
Category: Real Estate Law
Satisfied Customers: 7,474
Experience: Lawyer- Broker 30+years - foreclosure, short sale, liens, title attorney.
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The facts you have stated here are unclear. The snippets of facts do not relate to each other to tell a story. Please restate only the pertinent facts concerning your loan application, and one of us will try to answer your question. Thanks for choosing Just Answer.
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Customer reply replied 2 years ago

We have a mortgage. Rather , my fiancee has one. I did not want to be on it until we close on the house. The rules state we have to sell our current home before we can move into the new house when that is finished being built.

However, Due to the fact they have a few weeks left on the new house I am worried our current home won't sell in time. I asked the mortgage if I Could pay a few months of the current mortgage and he can pay the new one once the new house is done, as long as we have a deadline to sell the current home (up to 6 months. However i personally think the house will sell a week or two after we move out from what I have seen in the neighborhood).

The current mortgage said the way the new mortgage is set up that cannot happen. So my question is, is there a mortgage out there can do what I want to do? What I stated in this and the previous question? Thanks :)

The previous question isn't a 'story' it is stating what I am retelling in this question, just took out the fact I have kids and I cannot enroll them in the new schools due to the fact the new house is in a new city.

Real Estate Lawyer: Irwin Law, Lawyer replied 2 years ago
Okay, thanks for the clarification. Mortgage companies are all walking the beat of different drummers these days. Some of their lending rules are beyond bizarre, but they have all the power. I presume that you have a construction loan that has to be paid off, and that is what the "new" mortgage is to do. If you qualified for the construction loan while the fiance had the current mortgage, I don't see the problem with the new mortgage either being closed, or the construction loan continuing on until the current home is sold and the current mortgage eliminated. It's called a "swing loan" and you have to go shopping among local lenders for one.
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Irwin Law
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Category: Real Estate Law
Satisfied Customers: 7,474
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Experience: Lawyer- Broker 30+years - foreclosure, short sale, liens, title attorney.

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