Posted on: 08th Apr, 2009 02:14 pm
my mother has a mobile home that still has a mortgage payment that I have been making for the last 8-9 years...my mother has stage 4 cancer and will be going into hospice, cant refi or purchase because my credit score is 10 pts to low for me to purchase. what other options do I have as far as getting my name on title. I spoke to the lender and explained the circumstances but the lender will not add me.
Hi cledesma,
Your mother could have easily added you to the title through a deed, but the problem is there is an outstanding mortgage balance on the property. For such a change to happen you need to get the approval of your lender. The lender will not approve of it unless you improve your credit score. Any immediate transfer of title does not seem to be possible. However, she can prepare a will and leave the property to you so you can inherit it after she passes away.
Your mother could have easily added you to the title through a deed, but the problem is there is an outstanding mortgage balance on the property. For such a change to happen you need to get the approval of your lender. The lender will not approve of it unless you improve your credit score. Any immediate transfer of title does not seem to be possible. However, she can prepare a will and leave the property to you so you can inherit it after she passes away.
Thanks for responding...my mother and father bought this mobile home together they do not own the land it is in a park, my father past away back in 1999, the original lender was Green Tree and the loan was of course sold...the current lender has never ran a credit report on me..they just flat out said no...I am in the process of trying to purchase it...but time is at essence right now...I have also contacted an attorney, still waiting for them to call me back...problem is is that if my mother does a will leaving me the property, I'm worried that my sister and her daughter are going to fight it and have me in and out of court..and that is what I'm also trying to avoid. Ahhh yes, sometimes having a family can be a great thing and on the other hand it can be a night mare, and these two are a night mare.
Hi
I do understand your situation.
You've taken the right decision to consult a lawyer as he is the best person to help you in this situation. However, you can get a quitclaim deed signed by her and then record the deed only after your mother passes away. But if your lender comes to know about it, they can call the laon amount due. Do let us know what your lawyer suggests and keep us posted on how things go in the days to come.
I do understand your situation.
You've taken the right decision to consult a lawyer as he is the best person to help you in this situation. However, you can get a quitclaim deed signed by her and then record the deed only after your mother passes away. But if your lender comes to know about it, they can call the laon amount due. Do let us know what your lawyer suggests and keep us posted on how things go in the days to come.