having someone take over your house payments

buctown73 · Joined: 26 Mar 2009 Posts: 1 1.40 Dollars($)

My mom's house is going to be foreclosed on in 30 days. My boyfriend and I just bought a house in September. The house is in his name. we were thinking about giving my mom the house and letting her make the payments, we would just want to get it out of his name. so we can go and buy another house. is that possible?

gmakerley · Posted: Thu Mar 26, 2009 1:51 pm Post subject:

i must be missing something. mom is going to lose her home to foreclosure, but you want her to take your mortgage and make payments on it, and live in the home. and the purpose for this is to take the home and mortgage out of his name so that you and he can move elsewhere.
right?
so you propose that your mom refinance the mortgage on the home that he owns? this won't work. no mortgage lender will grant her a new mortgage when she is just in the process of losing a home to foreclosure. i won't assume i know why she went to foreclosure, but how can you be certain she'll make payments on the mortgage on what is your home now?

last...if she can't get a mortgage, then he is still going to be obligated on the old mortgage, and that's going to cause you difficulty in trying to get a new mortgage of your own.

Guest

My mom cannot afford her house payments now. my house is cheaper and she can afford those payments.

Niicss · Posted: Fri Mar 27, 2009 1:40 am Post subject:

Hi Kimberly

Do you want to take over your mother's house and the mortgage payments? In that case, you will have to refinance the mortgage in your name. Similarly, if your mother wants to take over your property and mortgage, she will have to refinance it in her name.

Thanks.

savior70 · Posted: Fri Mar 27, 2009 3:53 am Post subject:

Hi

I also think the only way your mother can take over the mortgage payments from you and your husband is through a refinance. But as she is going to face a foreclosure, her credit will be badly affected and I don't think any lender would be pleased to give someone a mortgage who has just faced a foreclosure.

gmakerley · Posted: Fri Mar 27, 2009 7:19 am Post subject:

all too often we have issues with replies to posts that are completely irrelevant. most often, those irrelevant replies are due to the responder neglecting to read the original post correctly.

i encourage everyone to read closely what has been posted before allowing their fingers to touch a keyboard and post an inane response. such responses do our original posters no good whatsoever, and they arouse the ire of some of the rest of us.

thanks...don't stop your posts...just be more careful to ensure they bear some resemblance to the question that's been posed.

Guest

My dad has lost his job and wants to deed his house in my name. I have no mortgage so how would i go about it.

jenkin7 · Posted: Wed Nov 04, 2009 1:46 am Post subject:

Hi Tsmith,

If there is no existing mortgage on the property, the house deed can be transferred to you through a quit claim deed. Your dad needs to sign the deed over to you as grantor and you will receive the deed as grantee. After signing the deed, it needs to be notarized and recorded with the county recorder's office.

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