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 deeholley
Joined: 06 May 2009
Posts: 1
1.32 Dollars($)
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 Posted: Wed May 06, 2009 11:09 am Post subject: Parents mortgaged home for us How can we protect it should s |
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| Parents mortgaged a home for us due to our low credit score. How can we protect our home should something happen to elderly parents? With our credit problems and unable to get mortgage on home and the loan does not allow assumption. Do we have any other recourse in protection as we are making the payments? |
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Realgeni
Joined: 13 Apr 2009
Posts: 1434
99.77 Dollars($)
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| Posted: Wed May 06, 2009 3:09 pm Post subject: |
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| Is your name on the Deed? |
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jameshogg
Joined: 20 Dec 2005
Posts: 4291
Location: nevada
509.34 Dollars($)
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| Posted: Wed May 06, 2009 9:06 pm Post subject: |
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Hi deeholley,
If your name is not on deed and the mortgage, then you won't be able to save the property. I would suggest you to improve your credit score quickly and then refinance the mortgage in your name. Take a look at the given page to know more about improving your credit score:
http://www.mortgagefit.com/credit-rating/credit-repair.html
Thanks |
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jheard
Moderator
Joined: 12 Dec 2007
Posts: 599
Location: Houston, TX
98.69 Dollars($)
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| Posted: Thu May 07, 2009 11:53 am Post subject: |
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Can you explain the transaction in a little bit more detail?
_________________
Disclaimer: This is not legal advice and I am not your lawyer. The information provided in this forum is for discussion purposes only, and is no substitute for an in-person consultation with an attorney who can analyze all of the facts and determine how your state and local laws may apply to your specific situation. |
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