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Against any rules? piog

Posted by on Oct. 29, 2009 at 9:14 PM
  • 22 Replies

Dh and I are wanting to live in my moms house. It's not very often that you can get a non-qualifying assumption (just plain ol' taking over the mortgage).. So I'm just wondering, could she 'rent it out to us', with us paying all the bills as she would, but the home still being in her name? Just looking for a way to get around having to go through the bank.


Fyi, we can more than afford it, I know the pros and cons, I'm just wondering if it's legal to be done that way. =]

Polycystic Ovary Awareness

by on Oct. 29, 2009 at 9:14 PM
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Replies (1-10):
adrianasmommy07
by on Oct. 29, 2009 at 9:17 PM

 She would need to look at her mortgage paperwork to make sure, but I dont think it would be a problem for her to rent to own it to you.



"Don't be afraid that your life will end, be afraid that it will never begin."


mom2four1978
by on Oct. 29, 2009 at 9:17 PM

I don't think you have to go through the bank. A lawyer can do an agreement, like a lease to own for you. I also think that you may be able to go to the title company and just get it switched, I'm not sure though.

 


 

Tatum2U
by on Oct. 29, 2009 at 9:19 PM

I don't understand what rules your worried about. I'm not even sure what you want to do. Do you just want to live there? with or without mom? Does she need to sell the house? Is there a reason she needs it out of her name? What "Rules"?

thDarwinFis4.jpg picture by kim0921_photo

Tatum2U
by on Oct. 29, 2009 at 9:21 PM

If the bank still owns part of the house ( Meaning your Mom hasn't paid it all off) then unless you have a lot of cash I don't see how you could avoid using a bank or mortgage co.

thDarwinFis4.jpg picture by kim0921_photo

SandraJo
by on Oct. 29, 2009 at 9:21 PM

I'd suggest that you and your mom go to a lawyer to draw up an agreement/lease. For BOTH your protection. That way there are no misunderstandings on anyones part, and if one of you screws over the other, you guys are protected. (not saying you or your mom would do that!) It's just so all parties are protected legally and any emotions won't get in the way of the agreement. Discuss it with your mom, and if anything, just let her know it'll protect her in case DH and you try to screw her over LOL


Melbornj
by on Oct. 29, 2009 at 9:21 PM

You could just make the payments as you said and the when it is fully payed off and she has the deed than she could sign it over to you.  If that were the case though you would want to make sure that it is in her will that it is to be left to you just in case anything happens.

simplee_me
by on Oct. 29, 2009 at 9:23 PM

My mom did something like this with my little brother.

My  brother basically  paid the remaining mortgages payments every month. Once the house was paid off (that took like 4-5 years I think) my mom signed the house over to my brother.

devasmom
by on Oct. 29, 2009 at 9:23 PM

Why not? Actually, the only time a bank would need to be involved is if you need a loan for a down payment. If she is just letting you live there, she will still be legally responsible for property taxes, etc. should you not pay them, her credit will be messed up and a lien could be put on her. You can all just treat the situation as if you are renting and when the mortgage is paid in full, she can sign over the house to you, as a gift if she wants to. My dad did that for us with a van before. We wanted a low interest rate and it was our 1st BIG purchase, my dad put the van in his name, we paid the $8000 for the down payment and then made the car payment every month. My dad had to be on our insurance because he was the registered owner, but that's it. When the car was paid off, my dad signed it over to us as a gift. I really don't think the bank cares where they get there money from, as long as they get it. KWIM??

of 6of 3 beautiful girls

hholllyy426
by on Oct. 29, 2009 at 9:24 PM

I am not sure on all the mortgage stuff etc. but I think she can rent it to you but if it's still in her name and she's not living there she'll have to report your payments as income on her taxes, just like a landlord would.

brinnyann4
by on Oct. 29, 2009 at 9:24 PM

I'm worried about the bank seeing that somebody is living there other than my mom (the person whos name is one it) and saying the loan needs to be paid off immediately. .

Quoting Tatum2U:

I don't understand what rules your worried about. I'm not even sure what you want to do. Do you just want to live there? with or without mom? Does she need to sell the house? Is there a reason she needs it out of her name? What "Rules"?


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