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Take over my brothers mortgage

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sdcreep Joined: 24 Feb 2011 Posts: 1 1.39 Dollars($)	Posted: Thu Feb 24, 2011 10:10 am    Post subject: Take over my brothers mortgage Like 0 Dislike 0 here is the deal.......i currently live in a hime that i owe about $107k on and is worth about $65k. i want out due to the fact that i live my life struggling with the mortgage payment, heating costs, car payment, family, etc. and just have had it! My brother has a very nice home that he pays a mortgage on and owes about $60k on that mortgage. he would gladly sell it to me for what he owes or just let me take over the mortgage payments which is what i would prefer to do due to my not so great credit score due to struggling with my current financlial situation. i guess my question is, what are my best options here? i would love to just take it over in my name, but i just dont know if that's possible? can someone help?? thanks
jveenstra Community Expert Joined: 10 Nov 2008 Posts: 1310 Location: River Edge, New Jersey 274.62 Dollars($)	Posted: Thu Feb 24, 2011 3:39 pm    Post subject: Takeover Like 0 Dislike 0 I would not think it possible for you to take over your brother's property in your name. If your credit is not so good, may not be able to get a mortgage under any circumstances. In this case, even if credit excellent, to get a mortgage on the brother's property, you need income high enough to qualify covering the mortgages on both properties as well as any other monthly debts on the credit report. You can not do that. If you let your mortgage go, the credit will become worse with a foreclosed property and you will not be able to get a mortgage for quite a while. You could maybe rent your porperty to hopefully cover that mortgage payment and live in brother's property and pay his mortgage. That may help with monthly expense load, but, I see no way for you to buy brother's property. _________________ John Veenstra, Sr Mortgage Consultant Approved Funding Corp Licensed NJ NY CT PA 201-833-0123x278
foreclosureus1 Joined: 24 Nov 2010 Posts: 12 2.94 Dollars($)	Posted: Fri Feb 25, 2011 1:56 am    Post subject: RE::Loan Talk for First Time Home Buyers Like 0 Dislike 0 If you let your mortgage go, the credit will become worse with a foreclosed property and you will not be able to get a mortgage for quite a while. [Link deactivated as per forum rules. Thanks.]

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