Thread: paying moms mortgage-she must refinance but how can i own house? will or gift or...

...sale? please help. i have such a confusing situation.

3 yrs ago, i was living with mom and stepdad and my two kids. my mother was going through depression, they got divorced and both left the house so i began paying the mortgage. the taxes remained unpaid since no agreement was made that i would keep the house and they just gave up.

mom got the house in the divorce, but dont i believe she ever filed to remove stepdad from the title.

i guess the mortgage was a balloon so this year the loan matured with $40K left on the $88K property. (original loan $59K at 10.25%)

i tried to refinance under my name but did not get approved. the bank said if the past due taxes were paid they would refinance mom and she would have to sign for a new loan at 9.25% for 7 yrs (back up to apprx. $54K)

being that i did not want to move my kids to an apartment, i paid the taxes ($9K w penalties). we agreed the house would be mine but mom is a bit unstable (drinking, staying out late) and we have been arguing lately.

she is waiting for a call from the bank to sign.

1. is this an excessive mortgage rate (despite our bad credit and no proof of income-i am a waitress making excellent tips)?

2. how can i make sure the house will be mine? i would have to wait until she passes if she wills it to me - how else could i be sure legally?

3. mom and stepdad may even have leins due to credit issues. he got all the other debts in the divorce - can they still apply to the house?

i know i need to see an attorney but any advice i could get now would be greatly apprecated. thanks.

Someone gave you some very, very poor advice.

So you had to pay the back taxes, so your mother could refinance the property, so you could buy it back from her?

Nobody does that...that is why you got bad advice.

It is an incredibly excessive mortgage rage on that amount and term. Why can't you just buy the house from her? That would be the easiest thing to do if she is willing to sell it to you. I wouldn't be investing anymore money into the house until you and your mother get some things in writing...you have sunk a small fortune into the transaction already.

Even if your mom and stepdad have horrible credit, you need to do a title search on the property to see if the liens were actually filed against the house..if that has happened, and you buy it, they will have to be paid off before you can close.

That seems to be the real reason why the transaction has been held up.

Someone gave you some very, very poor advice.

So you had to pay the back taxes, so your mother could refinance the property, so you could buy it back from her?

Nobody does that...that is why you got bad advice.

It is an incredibly excessive mortgage rage on that amount and term. Why can't you just buy the house from her? That would be the easiest thing to do if she is willing to sell it to you. I wouldn't be investing anymore money into the house until you and your mother get some things in writing...you have sunk a small fortune into the transaction already.

Even if your mom and stepdad have horrible credit, you need to do a title search on the property to see if the liens were actually filed against the house..if that has happened, and you buy it, they will have to be paid off before you can close.

That seems to be the real reason why the transaction has been held up.

Someone gave you some very, very poor advice.

So you had to pay the back taxes, so your mother could refinance the property, so you could buy it back from her?

Nobody does that...that is why you got bad advice.

It is an incredibly excessive mortgage rage on that amount and term. Why can't you just buy the house from her? That would be the easiest thing to do if she is willing to sell it to you. I wouldn't be investing anymore money into the house until you and your mother get some things in writing...you have sunk a small fortune into the transaction already.

Even if your mom and stepdad have horrible credit, you need to do a title search on the property to see if the liens were actually filed against the house..if that has happened, and you buy it, they will have to be paid off before you can close.

That seems to be the real reason why the transaction has been held up.