Posted on: 27th Nov, 2007 02:11 pm
Ok here's the deal...
My mother has left me her house in her will (she still owes on the mortgage).
I have already lived in the house for 3 years and have made substantial upgrades (mom moved out after dad passed away).
After mom passes do I simply continue making the mortgage payment?
Will the mortgage company try to "approve" me for the mortgage (I could never get approved due to credit problems)?
I'm just trying to make sure that I can't lose the house after she passes.
Thanks.
My mother has left me her house in her will (she still owes on the mortgage).
I have already lived in the house for 3 years and have made substantial upgrades (mom moved out after dad passed away).
After mom passes do I simply continue making the mortgage payment?
Will the mortgage company try to "approve" me for the mortgage (I could never get approved due to credit problems)?
I'm just trying to make sure that I can't lose the house after she passes.
Thanks.
Truth is, you could likely make the payment for a long long time with no one the wiser. But, I would advise you to talk to an attorney regarding being put on the deed. Don't really need one to do so but it helps. If you are paying rent, it would be good to keep canceled checks to build a rental history. It will be good for you to have in the event you need to purchase the home.
A lot of people will give you different advice but it is my suggestion you look to a lender to assist you in things you can do to upgrade your credit score so you can be in a position to purchase the home if needed.
In my opinion, it is best to prepare now and get yourself in the best position. It is possible your Mother is in an FHA loan. That being the case, it is assumable. That in itself, is a great asset.
Also, you need to look at some other obvious things. Like can you afford the payment, do you have the job time needed, do you have the needed down payment.
So in closing, prepare now. Don't assume you can't get a mortgage. Get your ducks in a row. Myself or others in the forum can point you on the right path.
A lot of people will give you different advice but it is my suggestion you look to a lender to assist you in things you can do to upgrade your credit score so you can be in a position to purchase the home if needed.
In my opinion, it is best to prepare now and get yourself in the best position. It is possible your Mother is in an FHA loan. That being the case, it is assumable. That in itself, is a great asset.
Also, you need to look at some other obvious things. Like can you afford the payment, do you have the job time needed, do you have the needed down payment.
So in closing, prepare now. Don't assume you can't get a mortgage. Get your ducks in a row. Myself or others in the forum can point you on the right path.
Hi donholbrookjr,
Welcome to this forum.
I agree with the above poster. If your mother has a FHA loan, you can convert it to your name. It will be helpful to improve your credit also. Consult with you lender and see if it is possible or not.
Thanks,
Larry
Welcome to this forum.
I agree with the above poster. If your mother has a FHA loan, you can convert it to your name. It will be helpful to improve your credit also. Consult with you lender and see if it is possible or not.
Thanks,
Larry
Paying the mortgage does not give you ownership to the house. You could try to assume the mortgage, but with bad credit, the lender may not approve. You should put the house in a living trust which will avoid probate, and give you ownership when your mom passes. The lender will still have to approve you for the mortgage, but you could sell the house and keep the equity.