Posted on: 04th May, 2006 06:18 am
hello i own a home with a mortgage on it of about $50,000.as soon as i got out of high school my mother put her home in my name at the courthouse and then she had me to get two loans on it the first was almost paid off when she asked me to do another to do some home improvements with the promise that when i was ready to buy my own home she would either pay off the mortgage or borrow more money on the home so that i could buy myself a home.well now there is no equity in the home because she didn't have the proper repairs done on the home and just blew the money by paying my stepfather to do repairs which he did not complete as usual all with this mortgage in my name.now i want to own my own home and get out of the house with them becuase they handle money so badly and have ran utility bills up in my name as well. is there any way that i can transfer the home and mortgage over to my mother's name so that she can take care of this and not have it be my reponsibility to pay it but get kicked out of the house when i'm 25 years old?I don't want to have to sell the house to anyone or have it foreclosed because she has two small children that live with her.
hi rayne,
welcome to mortgagefit forums.
it made me really sad on looking at your situation. how could your mother do such kind of thing to you? i don't know whether she did it consciously or it happened before she could understand the real problem that you may face because of their carelessness.
i find you really a wonderful person. in spite of being pushed into so much of problems, still care for your mother and her two children.
now rayne, things have to be sorted out with care and as soon as possible. since the mortgage is in your name and you will be held responsible for any late payments. that can affect your credit history and score.
under that situation getting a home loan can be a problem for you. but whether the lender will agree to refinance the loan in your parents' name depends on their credit history income, debts and some other conditions as well.
but you need to try to get a lender suitable to handle your situation. talk to the current lender first and if he accepts to get the loan refinanced in your parents' name then it's fine. otherwise you need to do some shopping around and try to find a suitable lender for you.
refinancing the mortgage here can only remove your name out of the mortgage. for transferring the house you have to do a quit claim deed. take the help of an attorney for this. he will guide you with the process.
talk to your mother and explain her that you want to get the loan refinanced in their name as well as transfer the house. they must also agree to the situation.
don't transfer the house without refinancing the mortgage as it may get you in trouble if the mortgage can't be refinanced later on.
feel free to ask if you have more queries. get back here whenever you need some suggestions. we will try to help you in the best possible way we can.
god bless you.
for mortgagefit,
samantha
welcome to mortgagefit forums.
it made me really sad on looking at your situation. how could your mother do such kind of thing to you? i don't know whether she did it consciously or it happened before she could understand the real problem that you may face because of their carelessness.
i find you really a wonderful person. in spite of being pushed into so much of problems, still care for your mother and her two children.
now rayne, things have to be sorted out with care and as soon as possible. since the mortgage is in your name and you will be held responsible for any late payments. that can affect your credit history and score.
under that situation getting a home loan can be a problem for you. but whether the lender will agree to refinance the loan in your parents' name depends on their credit history income, debts and some other conditions as well.
but you need to try to get a lender suitable to handle your situation. talk to the current lender first and if he accepts to get the loan refinanced in your parents' name then it's fine. otherwise you need to do some shopping around and try to find a suitable lender for you.
refinancing the mortgage here can only remove your name out of the mortgage. for transferring the house you have to do a quit claim deed. take the help of an attorney for this. he will guide you with the process.
talk to your mother and explain her that you want to get the loan refinanced in their name as well as transfer the house. they must also agree to the situation.
don't transfer the house without refinancing the mortgage as it may get you in trouble if the mortgage can't be refinanced later on.
feel free to ask if you have more queries. get back here whenever you need some suggestions. we will try to help you in the best possible way we can.
god bless you.
for mortgagefit,
samantha
Your condition requires immediate attention especially when you want to have your own home.
I am going to blame your mother only for this situation. This is pure selfish kind of act. I couldn't have been able to keep me cool towards this attitude. :x
Rayne, try to get the loan refinanced before getting in more trouble.
I am going to blame your mother only for this situation. This is pure selfish kind of act. I couldn't have been able to keep me cool towards this attitude. :x
Rayne, try to get the loan refinanced before getting in more trouble.
Hi Rayne,
It's good to know about your nature. But your trouble should be sorted out before it goes out of control.
If you can refinance the mortgage and get rid of it immediately then it will be good for your next home loan. Since your parents aren't showing responsibility towards the payments, so it's better to remove the liability out of your shoulder.
It's good to know about your nature. But your trouble should be sorted out before it goes out of control.
If you can refinance the mortgage and get rid of it immediately then it will be good for your next home loan. Since your parents aren't showing responsibility towards the payments, so it's better to remove the liability out of your shoulder.