Posted on: 24th Feb, 2011 09:10 am
here is the deal.......i currently live in a hime that i owe about $107k on and is worth about $65k. i want out due to the fact that i live my life struggling with the mortgage payment, heating costs, car payment, family, etc. and just have had it! My brother has a very nice home that he pays a mortgage on and owes about $60k on that mortgage. he would gladly sell it to me for what he owes or just let me take over the mortgage payments which is what i would prefer to do due to my not so great credit score due to struggling with my current financlial situation. i guess my question is, what are my best options here? i would love to just take it over in my name, but i just dont know if that's possible? can someone help?? thanks
I would not think it possible for you to take over your brother's property in your name.
If your credit is not so good, may not be able to get a mortgage under any circumstances.
In this case, even if credit excellent, to get a mortgage on the brother's property, you need income high enough to qualify covering the mortgages on both properties as well as any other monthly debts on the credit report. You can not do that.
If you let your mortgage go, the credit will become worse with a foreclosed property and you will not be able to get a mortgage for quite a while.
You could maybe rent your porperty to hopefully cover that mortgage payment and live in brother's property and pay his mortgage. That may help with monthly expense load, but, I see no way for you to buy brother's property.
If your credit is not so good, may not be able to get a mortgage under any circumstances.
In this case, even if credit excellent, to get a mortgage on the brother's property, you need income high enough to qualify covering the mortgages on both properties as well as any other monthly debts on the credit report. You can not do that.
If you let your mortgage go, the credit will become worse with a foreclosed property and you will not be able to get a mortgage for quite a while.
You could maybe rent your porperty to hopefully cover that mortgage payment and live in brother's property and pay his mortgage. That may help with monthly expense load, but, I see no way for you to buy brother's property.
If you let your mortgage go, the credit will become worse with a foreclosed property and you will not be able to get a mortgage for quite a while.
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