Posted on: 23rd Jun, 2010 01:15 am
Hello, I live in N.C. my mother bought a doublewide/on perm.foundation with land for me because I had bad credit. The loan was in her name, but I signed all the paperwork because I was her AIF. She had me go to a lawyer and get my name on the deed ..warranty deed....she died 2 years ago. There is still a loan owed on the property. I can't get a loan because of my credit rating. Will I lose my home even that I have my name on the warranty deed since the loan is in her name? Her name is not on the warranty deed, only mine. Thank you very much for any advice.
lizrosebroker
If your mom had taken the mortgage with insurance cover then you won't owe anything to the lender as his money should be paid by the insurance company .if that is not the case then lender has the right to get his due amount by taking legal action against current homeowner.
If your mom had taken the mortgage with insurance cover then you won't owe anything to the lender as his money should be paid by the insurance company .if that is not the case then lender has the right to get his due amount by taking legal action against current homeowner.
Hi lizrosebroker,
You won't lose the property just because your mother's name is mentioned on the property deed. However, if you do not make the mortgage payments on time, then the mortgage lender will have the rights to foreclose the property and recover the dues.
You should take steps to improve your credit score asap and then refinance the loan in order to transfer it in your name. Take a look at some of the steps to improve your credit score from the given page:
http://www.mortgagefit.com/credit-rating/credit-repair.html
Take care
You won't lose the property just because your mother's name is mentioned on the property deed. However, if you do not make the mortgage payments on time, then the mortgage lender will have the rights to foreclose the property and recover the dues.
You should take steps to improve your credit score asap and then refinance the loan in order to transfer it in your name. Take a look at some of the steps to improve your credit score from the given page:
http://www.mortgagefit.com/credit-rating/credit-repair.html
Take care