What is the best way for my mom to give me her house? I pay mortgage and want to pay it off. It is currently in her name and she doesn't want to keep.

My mom bought the house 4 years ago. I have lived in the house with my family and I pay mortgage, taxes, ins. etc. I would like to pay it off. She does not want the house and wants me to have it. I am not sure what would be the best way to handle this.
(0) | asked by: Jennifer Abbey | share | 32 months ago | Report
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This is a legal question with far reaching ramifications. My broker is a real estate attorney, each situation is different. I advise council.
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32 months ago  |   Report   |   share
answer by Christa Licht    |   Contact Me
I would recommend to contact a title company. They have real estate attorneys on hand and can answer your concern correctly.
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32 months ago  |   Report   |   share
answer by Mark Forror    |   Contact Me
Jennifer: You did not say whether there was an existing Deed of Trust (Mortgage) on the home. This makes a big difference. Even if there is, it may be possible to transfer the deed to your name while your mother continues to make payments on the note. If she no longer wants to make payments, you will either have to redeem the note or you will have to do a mortgage assumption, which is usually hard to qualify for, even if your mother's loan is assumable. VA loans, for example, are always assumable and you do not have to be a qualifying veteran to assume a VA loan. Before you do that, however, seek the advice of a competent attorney who is licensed to practice law in your state. Once the deed is transferred to you, be sure to record the deed. Your attorney can handle that for you for a nominal fee.
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32 months ago  |   Report   |   share
answer by Coleen Donovan    |   Visit My Website   |   Contact Me
Have an attorney draw up a deed and deed it to you. It costs $100 to have this done. Record the deed in your name.
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answer by Rick DeVoss    |   Contact Me
Your situation may be more complicated than it looks on the surface. Which is why everyone is suggesting that you contact a Real Estate Attorney. The loan needs to be paid off before she can transfer title to you. Easiest way to do that is to finance it in your name. Assuming you can't do that, your mother could have your name added to the title so that it will be your house when she dies. But the loan will stay in her name, and that is not building your credit even though you are making the payments. IF she can pay off the note, she could sell the house to you and carry Owner Financing. The situation may be more complicated if you have siblings. See an attorney who handles estates and probate.
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32 months ago  |   Report   |   share
answer by Dave Clark    |   Visit My Website   |   Contact Me
Contact a real estate lawyer or a title company and they can transfer the house into your name. This process will need to be recorded in the county you live in.
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32 months ago  |   Report   |   share
Lisa Rhodes
answer by Lisa Rhodes    |   Contact Me
Seek your attorneys advice Lisa
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