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Deed/homestead question for property in Florida

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jenaS62 Joined: 31 Aug 2009 Posts: 2 2.08 Dollars($)	Posted: Thu Sep 23, 2010 6:50 pm    Post subject: Deed/homestead question for property in Florida Like 0 Dislike 0 In 2003, my parents bought a house for me to live in. Well actually, I put up the downpayment and have made all of the mortgage payments but their credit was better than mine so they applied for the mortgage and I live in the house. My father has since passed and I went through an ugly divorce in 2008 which ruined my credit AGAIN. My mother would like me to take over the house in my name so that I can get the interest tax deduction and get a homestead rebate, however, we called the mortgage company and they said that they cannot add me to the mortgage without doing a refinance and that my credit is not good enough to qualify right now. I'm working on it but it may be a few more years before my credit is up to par with their requirements. The mortgage company said I could be added to the deed but what does that really do for me? They also said that if my mother dies, I can just keep paying the mortgage payment, but then how will I get ownership of the house? Would my mother have to put it specifically in her will? Any suggestions on how best to accomplish this?
jameshogg Joined: 20 Dec 2005 Posts: 10477 Location: Nevada 990.06 Dollars($)	Posted: Thu Sep 23, 2010 9:30 pm    Post subject: Like 0 Dislike 0 Hi jenaS, It is absolutely true that unless your name is mentioned on the property deed and you refinance the mortgage, you won't be able to get the property and the mortgage transferred in your name. As your credit is not good, it won't be possible for you to get a refinance. Your mother can draft a will and mention your name as the beneficiary of the property. Meanwhile, you should take steps in order to improve your score so that you are able to refinance the mortgage in your name. To know some steps to improve your score, check out the given page: http://www.mortgagefit.com/credit-rating/credit-repair.html Thanks

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