Q: my mother owns the home i live in, there is still a mortgage on it, however my mother is getting older and wants out of the loan, i have the income, but not the credit, what can i do to qualify for the purchase of the home. the home was appraised at 62500, back in 2003, she bought it from a relative for 38500. i have made the payments each month, please guide me as to what to do, i dont want to lose the home if something happens to my mother. please guide me.
A: I suggest you contact a lender, even the current lender, & see what inancing alternatives are available for you. Possibly, with both (Your
Mother & You) applying for the refinance (or even loan modification with the current lender) you would have more options open up. Check 1st with the current lender then, with at least 1 more, so you can get all the options. Remember, the lender does not want the property back & if they believe that they are in jeopardy of getting it back, they usually become more flexible. Also, don’t take ‘no’ for an answer, the 1st couple of people you might talk to are sometimes ‘coached’ to say ‘no’. Keep ‘pushing’ & get to the ‘loan modification ‘department. After working something out with the financing, your Mother & Yourself could then arrange for title to be in your name. This might keep things ‘at bay’ until such time as you could qualify all on your own.