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Taking MOther's House |
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My mother wants to sell or give the house to me. She has a mortgage as of now with Citi. How do we get it in my name without any cost to both parties. I want to continue to make the payments. I am a first time buyer. And she wants to make it as easy as possible.
Thank You
Chuck A. |
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If your mother's is an FHA or VA mortgage, there are procedures for turning it over to you--that's assuming you are financially qualified. Costs range from very little to one percent of the remaining loan. If she has a different type of mortgage,the lender may call it in, make it all immediately due and payable, when there's a transfer of title. Or again, they might allow you to assume it, take it over. So that's the first thing you should explore--with CITI-- before you do anything.
Also, your mother should have at least one single session with a lawyer who specializes in estate planning, to learn about the advantages and drawbacks of what she plans to do, and to get advice on what fits her situation and yours best. |
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Edith
Originally published on June 10, 2008 |
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