Posted on: 04th Feb, 2013 01:01 am
Hello everyone… I need help. I have a mortgage on my house and my mother’s home doesn't have a mortgage but just a loan being repaid monthly but at a high interest rate. I would like to either combine my mortgage with her loan which is about 30k and my mortgage about 70k. Do you think this is possible?
Hi Guest,
The mortgages are on two different properties - one property is in your name and the other one is in your mother's name. If the properties are different, then you cannot combine the loans into one loan.
Thanks,
Jerry
The mortgages are on two different properties - one property is in your name and the other one is in your mother's name. If the properties are different, then you cannot combine the loans into one loan.
Thanks,
Jerry
You can do this. But, for that, first of all, your mother has to quit claim the property in your name. Thereafter, you can take out a mortgage loan for that home.