Posted on: 06th Jul, 2010 06:47 pm
My husband and I have poor credit. To help us get into the home we wanted my mother "purchased" our home.
The loan was 5 yr balloon, and was sold from the original owner to a different lender (m&t bank). My husband and I have pd every month, never late, and always pd all school and land taxes. 5 years is almost up, (November) and we're not sure how to go about purchasing our home as it is still in my mothers name. What should our first step be? Our credit has not improved by much, and we have No savings.
The loan was 5 yr balloon, and was sold from the original owner to a different lender (m&t bank). My husband and I have pd every month, never late, and always pd all school and land taxes. 5 years is almost up, (November) and we're not sure how to go about purchasing our home as it is still in my mothers name. What should our first step be? Our credit has not improved by much, and we have No savings.
Hi Guest!
Welcome to forums!
As your credit has not improved much, it will be difficult for you to get the mortgage refinanced in your name. In that case, your mother will have to refinance the home in her name.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
As your credit has not improved much, it will be difficult for you to get the mortgage refinanced in your name. In that case, your mother will have to refinance the home in her name.
Feel free to ask if you've further queries.
Sussane