Posted on: 16th Dec, 2009 12:49 pm
If my credit is not so great and my mother can no longer afford her house. she wants to quick claim it over to me. whould this be good for me to do?
it won't have much effect on your credit at all, cristina. however, if she were to do this and you are able to take care of the negatives on your credit over the next 12-24 months, you'd likely be able to refinance at that time and get a new mortgage.
keep records of what you pay in the meantime (real estate tax if it's not escrowed, for example) - keep copies of your checks if you pay the mortgage by check and that will supplement your credit report when the time comes to try to obtain a new mortgage.
now keep in mind that the mortgage holder now will want to be paid in full if they get wind of the fact that your mom had transferred title to you, but they won't necessarily find it out. if you maintain payments on the mortgage without fail, they'll likely never know.
keep records of what you pay in the meantime (real estate tax if it's not escrowed, for example) - keep copies of your checks if you pay the mortgage by check and that will supplement your credit report when the time comes to try to obtain a new mortgage.
now keep in mind that the mortgage holder now will want to be paid in full if they get wind of the fact that your mom had transferred title to you, but they won't necessarily find it out. if you maintain payments on the mortgage without fail, they'll likely never know.