Advice On Getting Mom's Name On Property.
Hello, I've been reading postings on this site for over 6 months and finaly got the guts to ask for assistance.
1. The first property was purchase by my mother, me and my brother in law 2001. But then my brother in law moved out in june of 2001 because of family differences. and my other sister had moved w/her 2 year old son. He paid $600 and my other sister $150 and mom 100 and I paid the difference ($797) for a total of $1647 which included property taxes and insurance. The house bills were paid by brother in law and me (half & half).
When brother in law moved out, I had to put in the extra $600 for a total of $1397.
Plus pay all of the bills. Then My sister who had been living with us started to pay $400. But I still had to pay $1147.
So for three months I had to pay this amount plus the bills. Within those 3 months my fiance and I decided to have a civil wedding just the two of us in Reno, Nevada and we did but we decided not to live together until we could purchase our own house, which occur six months after.
So, I decided to refinance and house and lower the interest rate and do away with the escrow account. and added my wife's name to the loan which help me because my mom was not making too much money and my FICO score was around 650. My wife FICO score was in the 700's. So the new payment went down to $1347. with no escrow account.
So within six months we decided to take a HELOC on the house for a downment on our own home. My FICO score was still in 650 and my wife was still in 700, so my wife had a better chance of getting loan by her self then together. So we did but the lender required the current property to be under my wifes name only. So my mother and I had to quit claim deed the property to her and we did and we got the loan and we purchased our home.
So, I asked my other brothers and sister to sist with the mortgage of the house where my mom was living because I could no longer make a huge payment each month and they helped. well not all of hem just two out of six. and then six months later just one because my other sister had purchased her own home and could not help.
Well, now I want to refinance the house where my mom is living because the interest rate is 7.125 and since interest are still low, I wanted to refinance the first mortgage so the payment will be lowered and my mom won't be stressed out every month with the mortgage payment and so me.
I would then get a bigger HELOC and payoff the first and some of my own bills and rehad the house where my mom lives because, it really needs it.
What should I do, Since the property is only under my wife's name. She no longer has income.
So I wanted to refinance the house under my wife's name and at the same time add my name to the house and the both loans under our names, but then we can't qualify as owner occupied since we already live in our own home.
But can we get the loans and later add my mother's name to the title and claim owner occupied. Eventhough she will not be in the loan and only in the title?
Any ideas
Thank You
aid half and half.
. Then I married in 2003 and used the equity to put a downpayment on the second home, so my wife and I could move out together. So my mother stayed at the first home and my sister moved in with her to help out.
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[ Edited by rickomarsh on Date 01/11/2004 ]
Hey,
I can say that I feel for you, However, Money & Blood don't mix like 2 dicks; you'll find yourself in serious shit!
Quote:
On 2004-01-10 19:34, lex wrote:
Hey,
I can say that I feel for you, However, Money & Blood don't mix like 2 dicks; you'll find yourself in serious shit! <IMG SRC="images/forum/smilies/icon_confused.gif">
I read your story and tried to imagine myself in your situation.
My conclusion is that it is indeed a good thing that we are all different. It seems to me your situation is getting worse by the month. Wife lost her job...nobody's helping to pay mom's rent...what happened to mother-in-law? Why in heavens name would anyone like to be added on the Deed of a property that is getting further and further into debt? Sorry...none of my business.
So my honest advice to you?
DO NOTHING!
Just go about your daily chores, collect your paycheck in time, pay off as much of your debts as you can; help your wife find a job, sell off mom's house and find her something she can afford and stay far, very far away from the dark evil forest called Mortgages. You seem to have enough problems as it is, and don't add a chapter of financial woes to that.
Just enjoy life for once.
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I agree with Hawthorne,
It does not appear that you are in any position to be helping anyone. I would worry more about keeping your head above water.
Best of luck!
I would like to apologize for not editing what I wrote, after posting and reading my post again, it actually did not make any sense.
Just the Facts:My wife and I do have jobs.
The fist house is under my wife’s name. Would like to refinance first mortgage and add my name to the title. My mother lives in the first house; she and my brothers who are not living there are helping with the mortgage payments. I also help out with $250.
I have a HELOC on the house, so would like to take a larger HELOC.
How can I claim owner occupied? Do I add my mom’s name to title after refinance and taking out a larger HELOC? And can I claim the interest on the house, even though I have not lived there but I send in the mortgage payments with my own checks?
Thank you for all your good comments, but mom has to have a home, she is already 65 yrs and has worked all her life. She does have a retirement check but not enough and has a part time job.
And my wife’s parents do not live in the states.
Thank you in advance.
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