how can i add my name to my mother's mortgage & deed?

Question

my mother owns a house and my husband and i would like to live in the house. she is interested in adding our name to the mortgage and the deed, in turn, we would be partially responsible for the payment of the mortgage. will the lender allows this? thank you,

Answer 1

The question is, "why would you want to be responsible for her debt?" The lender would probably be happy to add more people to the mortgage..the more the merrier (at your cost of course) If she deeds it to you and you divorce your hubby...ouch! He still has an interest and can force the sale of the home. Why not just do a "beneficiary deed" so that if anything happens to Mom, you and hubby inherit the home immediately without ever signing a mortgage. You can voluntarily make payments to Mom.

Answer 2

There is no need to add your name to the mortgage held by the bank (or other financial institution). Simply get a promissory note or land purchase contract form online or at an office supply store (or better yet have a lawyer draft one for you). You will be giving a mortgage to your mother. This does not affect the mortgage that your mother is still primarily responsible for. In any event, she would still be primarily responsible for the mortgage even if you added your name to it. The only way for her to avoid responsibility is to have you assume the mortgage. Most banks and mortgage companies no longer allow this. The bank would most likely try to convince you to refinance the property. The problem with that is you would be starting over in the amortization schedule. One of the best benefits of purchasing a property in this manner is that most of the interest has already been paid. Your payments would go mostly toward principal if the loan is more than 5 years old. If you refinance, your payments would go mostly toward interest.

As for the deed, again you can get a form online or at an office supply store or have a lawyer draft one for you. This is a big purchase, I would suggest you spend the money to have a lawyer draft the necessary documentation. There are many ways that this transaction can be accomplished depending on the totality of your needs. You could do a lease/option; a life estate to your mother with remainder to you; or a traditional purchase just to name a few. You should discuss all of your needs and the tax consequences associated with the different choices with a knowledgeable professional.

Answer 3

You have to pay a small fee, usually a few hundred, to have the mortgage rewritten. Some lenders require an entire refinance which costs a few thousand, in many cases. It seems odd to me that your own MOTHER does not TRUST you enough to just make the payments you verbally agree to, but requires a written contract. You should probably involve a lawyer if the level of trust is that low.

Answer 4

Yes, Go to the bank with your Mother where she got her Mortgage. A financial adviser can tell you the necessary steps to take to get this done, but yes it can be done.

Answer 5

I'm interested in this

Answer 6

You should be able to add it, but I believe that you will have to refinance the loan to do so, seeing as the exsisting loan is in your mom's name the only way to add your names to it is to redo the loan. (I think) Call a real estate agent or loan company/bank and ask them.

Answer 7

call your lender directly and see if they can do it with minimum qualifying and fees. Otherwise, you will have to take new application with them and all of you qualify together in a refinance.