buying a house

Guest 0.10 Dollars($)

we have lived in our house for 10 years, owned it until 2 years ago, we had some financial problems, so my dad bought it until we could get back on our feet. he has recently passed away, and we, of course are still living there, and we want to buy it back. our scores are still bad, mine 540, my husband's 525. is there anyway we could buy even if we have to have a high interest rate, and if so, where do we go? we have about 2000.00 to put down. we are really haveing a tough time with his death, and just want the house in our name. he never lived in it, but was always there for us. need some direction thanks

larry · Joined: 27 Jun 2007 Posts: 3328 473.40 Dollars($)

Hi mrscoolh,

Welcome to the forum.

If it is a mortgaged property you should have a talk with the lender. The title is on your father's mane right! So try to transfer the title to your name and take the mortgage on your name. You can take help from an attorney in this regard.

Best of luck,
Larry

Guest 0.10 Dollars($)

will i be able to transfer title, if my credit is bad? i donot want to lose the home. there are 2 different mortgage companies, that i pay. one knows he has passed away, they donot care the situation as long as the payments are being made, the other company, as far as i know, does not know yet, but the mortgage is current, so it is probably not an issue at this time, i am just worried they will try and take it, is that something they would do? the mortgage company that does know, specifically said, normally they donot care as long as the payments are being current. have i totally confused you? bottom line, the house is all i have of my dad's, i want to keep it. thanks for your help

larry · Joined: 27 Jun 2007 Posts: 3328 473.40 Dollars($)

Hi mrscoolh,

Welcome back.

You should inform the other mortgage lender who does not know about your father's death.

See lenders will not have any problem as long as you make payments but even you keep on paying the mortgage, you will not own the property as your father is the owner of the property. So should try to transfer the title to your name first. That is why contact with an attorney and get the ownership and at the mean time do not stop the mortgage payments.

Hope it helps.

Feel free to ask if you have any further questions.

Best of luck,
Larry

banker0679 · Posted: Tue Feb 26, 2008 3:22 pm Post subject:

if your name isn't on the title then the home will go to your father's estate.
if there is no will then it will go to probate.

gmakerley · Posted: Wed Feb 27, 2008 11:21 am Post subject:

in all likelihood, as long as you continue to make payments on the mortgages without fail, neither of the lenders will be worried.

as for your chances on obtaining a new mortgage - at this time, with scores as low as you have, this will be most difficult. your $2000 asset would not be sufficient to help in a case like this.

your best bet is to continue making payments - on time, of course; and in the meantime, work on your credit so that your scores can come up to a point where a lender will consider you. what you need to aim for is the highest credit scores you can possibly get, but lenders will begin to talk seriously to you (and even offer decent rates) if you can get your scores up to 580 or above (600 and up is even better)

i say this is your "best bet" because at this time, the lenders are paying no attention to your dad's passing, and they are happy to continue receiving payments from you. once your credit scores are acceptable to lenders, you will have many more options at hand.

Guest 0.10 Dollars($)

thank you very much, i will definitley work on my credit!

enriko · Joined: 05 Mar 2008 Posts: 66 17.32 Dollars($)

Hi,

I am sorry for your loss.

What i advice is to talk to lenders, explain the situation and what has happened. And as mentioned above- as long you keep paying they shouldnt have any proplems with it.
Take care

fireyone_02 · Joined: 20 Mar 2008 Posts: 281 2.17 Dollars($)

What about the fact that it could go as part of the fathers estate and maybe go into probate. How are they to prevent that from happening?If they can't get the title transfered because the loan isn't paid off couldn't it in fact be part of the deceased fathers estate? How would they secure ownership of their home?

Guest 0.10 Dollars($)

Well, it could go to the father's estate. I think that's the reason they want to buy it.

fireyone_02 · Joined: 20 Mar 2008 Posts: 281 2.17 Dollars($)

That is what I was assuming. I hope they can get it all worked out. After making all those payments someone would sure hate to lose their home. Hopefully the bank will recognize all their efforts and work in helping them remain in their home. In any case I wish them the best.

jbarto65 · Joined: 04 Nov 2007 Posts: 627 0.00 Dollars($)

Hopefully they will get it all worked out before something like this happens.

Guest 0.10 Dollars($)

i thank yall all so much, it makes me feel so good, that you are all so kind, i am working on my credit,and for sure keep making the payments, and i will be speaking to lender, his death is still so so fresh, i have a hard time, with all of this, but i will not lose this home! thanks so much, yall are great!

larry · Joined: 27 Jun 2007 Posts: 3328 473.40 Dollars($)

Hi mrscoolh2,

Welcome back.

It is so refreshing that you got help from this community and solved your problem and I think this is the main moto of this community.

Why don't you join this community. It will be helpful to others like you if you can share your experience Smile

jbarto65 · Joined: 04 Nov 2007 Posts: 627 0.00 Dollars($)

your are welcome cool, you can always come back and help us when we need it. Very Happy

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