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Debt Relief – Insolvency – Bankruptcy Information » Student Loan Help » Refinancing to consolidate debt?

Refinancing to consolidate debt?

My father owns our house, it is paid off in full and he was going to transfer it to me so i could refinance it to pay off my student loans. Is this possible, and if so how fast can i and what qualifications would i have to meet?

My refi rate would be lower than my loan rate. IDK if my dad will get a loan, hes on disablity and doesnt make a lot of money

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3 Responses to "Refinancing to consolidate debt?"

  1. Tina says:
    Nowadays, it is very difficult to get a loan. But since your house is paid off, you have a lot of equity, which is a good thing. However, why would you want to refinance that to pay off your student loan? I assume your student loan carries a very low interest rate?
  2. Matt says:
    If he gives you the house he will need to pay taxes on the gift. Plus there will be capital gains tax on the transfer assuming he has made a profit since he bought it.

    A better strategy is for him to take out a loan and give you the money, then you can pay him back. The house stays in his name to avoid tax issues and if you still fall into bankruptcy, they can not come after the house.

  3. Joe Sheehan says:
    The only reason to tie student loans to Real Estate is to stay out of default. If you feel you are in danger of defaulting on the your loans see a reputable loan officer. A good loan officer will try to talk you out of it unless it is the only way to avoid default.

    Finally, student loans have a lot of perks and benefits like deferment and hardship forbearances. If you pay them off you will lose all these options. Furthermore if you die, they are forgiven. If you tie this debt to the house you lose all this flexibility and options. Call the customer service department associated with your student loans and investigate all options before including this risk with your home.

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