Taking over mortgage payment

kim37771 · Joined: 16 Mar 2008 Posts: 1 1.28 Dollars($)

Mom is retiring and moving from state she has a mortgage and wants to leave me the house and to pay each month- which I can however, I have bad credit but a terrific income. Help, Need to know the legal way to do this

jerry

Hi Kim,

I don't know how bad your credit is, just give some details pls. If you wish to take over the loan, it's important that your income and credit worthiness should match with what the lender is asking for. Oterwise you'll have to refinace the loan in your name with some other lender who'll agree to give you a new loan based on your credit record and income.

However, before you move on, take a look as to why and when one should refinance .

Thanks,

Jerry.

larry · Joined: 27 Jun 2007 Posts: 2951 411.26 Dollars($)

Hi kim,

Welcome to the forum.

Has your mother quitclaim the property to you? If not and your mother may transfer the property to you later on, then you can keep staying in the house and make the monthly payments on behalf of your mother. As long as you make payments on time the lender will have no problems.

But if your mother quitclaims the property to you then you will have to inform the lender about it and you may also need to refinance the mortgage on your name.

BTW do not forget to notarized and record the deed in the county recorder's office.

Feel free to ask if you have any further questions.

Best of luck,
Larry

All times are GMT - 7 Hours

Page 1 of 1