Posted on: 24th Feb, 2010 02:54 pm
IF MY MOM PUT MY MORTGAGE IN HER NAME DO SHE GET A REGULAR LOAN OR INVESTMENT PROPERTY LOAN WE LIVE IN ALABAMA
is she buying the property from you, or simply looking to take over the mortgage? if she wants to take you off the mortgage note and put herself on it you'll have to refinance the loan. if she just wants to add herself to the note (not sure why she'd want to instead of just helping you pay it) a lender should be able to do this without having to refinance as they lose nothing in this, just get another person to go after in the event of a default.
as for whether it's an investment property loan or not, i guess that depends on the situation, is she buying it to live in herself or to tenant/improve and sell?
as for whether it's an investment property loan or not, i guess that depends on the situation, is she buying it to live in herself or to tenant/improve and sell?
Definitely would need more details. Is this for a purchase or refinance? Who will be residing in the home? Does your mother already own a home?
