Posted on: 15th Jun, 2011 09:57 am
:( My mother passed away and left me the house but there is a 50,000 loan i have been paying on my credit is not so great how do I keeep my house? Please HElp??????
Was there a will, stating you are the only heir to the property? Are you on title to the property? If you are on title, and can prove that you are making the payments with 12 mos cancelled checks, then the lender might be able to refi into your name. If your credit is terrible, work on improving your fico, then apply with the current lender.
Ginger, the lender isn't likely to do anything in this situation as long as you continue to make payments on the mortgage loan. You still ought to take steps to improve your credit, so that you could - for your own overall benefit - obtain a new mortgage to replace the one your Mom had.
Let us know if you need direction, hints, etc.
Let us know if you need direction, hints, etc.
Hi Ginger,
If you're making the mortgage payments on time, the lender won't take any actions against you and your credit won't be of any problem. However, you should take steps in order to improve your credit so that later on you can refinance the mortgage and get it transferred in your name.
Thanks
If you're making the mortgage payments on time, the lender won't take any actions against you and your credit won't be of any problem. However, you should take steps in order to improve your credit so that later on you can refinance the mortgage and get it transferred in your name.
Thanks
