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I have a house that I have been trying to sell for the last 3 years. I put the house in my mothers name for a better bank rate. I moved into her primary residence and have been renting the home to help pay the mortgage.I can no loner pay the mortage and the rent onlly pays half.
If She deeds this over to the bank will it affect her primary residence?
She is 81 with no real income. He primary residance does have an equity loan on it also that is current. Will they do anything to that property?

eric1 · Posted: Mon Oct 12, 2009 6:29 am Post subject:

Mary

Your scenario is very difficult to follow.

smithsussane · Posted: Mon Oct 12, 2009 8:48 pm Post subject:

Hi mary!

Welcome to forums!

As both of you are facing problems in paying off the mortgage dues for the concerned property, I would suggest your mother to contact the lender and apply for a deed in lieu of foreclosure. If the lender accepts this, your mother will be able to sell off the property. Moreover, she won't be responsible for the deficient amount resulting from the sale. Thus, her principal residence will not be affected.

Feel free to ask if you've further queries.

Sussane

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