Posted on: 30th Apr, 2012 02:08 pm
Hello, we were defrauded by a mortgage broker when we sold our home to my mother by keeping the cash out proceeds. Soon after my mom feel ill and could not make the mortgage payments. We contacted the lender and they are allowing us to make the mortgage payments at a reduced rate (our saviors). The house is titled to my mother only, however, since we have been making the mortgage payments for 3 years, she wants to put myself and my husband on the deed. How do I accomplish this? Do I need to inform the lender? Does this trigger a new assessement of the property value? The mortgage is in my mothers name only, however, the lender is now reporting the mortgage payments on MY credit report, is this legal? It's good in that the payments are made on time, however, it also shows a real estate loan outstanding balance. Would appreciate any input. Thank you!!
Hi gailgradof!
Welcome to forums!
You can ask your mother to sign a quitclaim deed and add your name and your husband's name to the property deed. This will make all three of you the owners of the property.
If the mortgage is in your mother's name, then the lender can't report them in your credit report. That will be considered as illegal.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
You can ask your mother to sign a quitclaim deed and add your name and your husband's name to the property deed. This will make all three of you the owners of the property.
If the mortgage is in your mother's name, then the lender can't report them in your credit report. That will be considered as illegal.
Feel free to ask if you've further queries.
Sussane
Hi gailgradof,
Unless you have assumed the loan or refinanced it and added your name to the mortgage docs, the lender cannot report the mortgage payments on your credit report. You should check the mortgage docs carefully and also contact your lender in order to clarify the issue.
Thanks
Unless you have assumed the loan or refinanced it and added your name to the mortgage docs, the lender cannot report the mortgage payments on your credit report. You should check the mortgage docs carefully and also contact your lender in order to clarify the issue.
Thanks