Posted on: 03rd Feb, 2009 02:24 pm
Hello All,
Have a questions, apologies this is not the appropriate place. I live in a condo, that is owned by my mother. She lived there until she remarried several years ago. I was living with a roommate but instead of her selling I moved in and sort of assume ownership or became her tenant but not on paper.
We setup a shared bank account where I supply the full funds for the mortgage which she then pays. So there would be some proof that I've been paying the monthly mortgage for about almost 4 years.
She would like to totally transfer everything to me but as she is still paying off the loan we're not sure if that's possibly? We'd like to avoid me having to take out my own loan to buy the house from her outright at current value as it has doubled.
I'm not at all competent in this area but she has tasked me with doing the legwork. Her and her husband are moving to another state at the end of the year.
Now a little bit about myself- I'm 26, employed for 6 years, I have 0 debt and my credit score is approx 780.
Thanks!
Have a questions, apologies this is not the appropriate place. I live in a condo, that is owned by my mother. She lived there until she remarried several years ago. I was living with a roommate but instead of her selling I moved in and sort of assume ownership or became her tenant but not on paper.
We setup a shared bank account where I supply the full funds for the mortgage which she then pays. So there would be some proof that I've been paying the monthly mortgage for about almost 4 years.
She would like to totally transfer everything to me but as she is still paying off the loan we're not sure if that's possibly? We'd like to avoid me having to take out my own loan to buy the house from her outright at current value as it has doubled.
I'm not at all competent in this area but she has tasked me with doing the legwork. Her and her husband are moving to another state at the end of the year.
Now a little bit about myself- I'm 26, employed for 6 years, I have 0 debt and my credit score is approx 780.
Thanks!
Ok, so just so we are in the same ballpark. The loan is currently in your mom's name. You have been making payments for the past 4 years, and just want to assume the loan? You could do a title transfer, where you would own the property in the eyes of title, but your mom would still be on the loan. So ultimately still responsible for the loan if you were to default. To have everything in your name you would need to purchase it. The fact that you have 0 debt and a great credit score you shouldn't have any problem qualifying for a loan. Just because your mom's houses value has doubled doesn't mean thats what you have to buy it at. You are only responsible for paying off the loan she currently holds, which would be taken care of in the purchase.
Let me know if you have any more questions!
Let me know if you have any more questions!
Thanks for the reply Ashley, Eric.
I was put on the deed when I moved in. So this will enable me to just refinance and become the legitimate owner?
I was put on the deed when I moved in. So this will enable me to just refinance and become the legitimate owner?