first time home buyer with bad credit (story inside)?

Question

ok we are paying the morage of my girlfriends mothers house 602 a month she couldnt pay for it anymore but its still in her name
i have a credit score from 520-599 and my girlfriend has nc
the bank said we could buy after weve paid a year and that will be in may. theres still 87,000 left on the house. what are our chances could we get the house in our names now?? her mother wants the house out of her name now! please help thanks

i live in sturgis MI
if that helps

Answer 1

Your chances will depend on what state you live in. The rules differ.

Go for it! There is nothing better than owning your own home.

In California where I live, transfers of ownership between family members, like parent to child, are great. I purchased my childhood home from my dad and got to keep the old taxes (under Five hundred bucks a year).

Good luck!

Answer 2

Bad credit is one of the worst problems to have... however there exists a solution.

I will hereby talk from my personal experience.

I did debt consolidation a couple of years ago, however If I had to do it again I would pay to some minor details,
if someone wants to get out of debt today it is pretty easy with a debt consolidation plan, however it may get a bit tricky at times, I suggest you get as much information as possible online on this first,

a good place to start in my humble opinion is astraight to the point ebook with question and answer I found :

http://umgarticles.atspace.com/debt-consolidation.htm

if it helps kindly remember me in your voting!.. cheers!

Answer 3

You do not have to have great credit to get this house out of your mother-in-law's name. You can do what is called "Subject To" purchasing. With this, the property is basically "deeded" to you and your girlfriend and you own the property. Now, the mortgage is still in your mother-in-law's name, but you OWN the house and can refinance it to get it out of her name.

The paperwork may vary according to your state, but it is a very simple process.

Answer 4

You may qualify for an FHA loan-check out the free form at the source website--maybe they can help with a loan officer from their nationwide network.

Answer 5

try applying for a home loan. With your credit score, you should be able to get approved.

Once you are approved, you can have them pay for the balance of the home and tranferring the mortgage to your name.

go to http://www.igotmymoney.com for your loan

good luck

Answer 6

Start building your credit score by paying bills that are in your names. That way it will be recognised.

Visit http://www.cheap-credit-cards.org for more information on credit repair