I found out that my mom doesn’t want her house in Georgia. She stopped making payments. I told her that I would bring her payments current and take over her payments. How does this work exactly, step 1, step 2, etc.?
Are you planning to just make her monthly mortgage payment so you stop foreclosure while your mother continues to live in the house?
Or, does she want to get rid of the mortgage loan and get her name off title – in other words, does she want to sell the house (to you)?
She is going to sell me the house.
Is it a good deal for you? herbster
At the very least, you will probably need an attorney will help you transfer title.
Contact your mother’s mortgage company and tell them your mother is transferring title to you and that you are taking over the mortgage. Have them change the loan account to your name.
Transfer of title from parent to child is one of the exceptions to the due on sale or transfer clause. You may have to pay a loan modification fee or an assumption fee.
Thank You!
I learned about the exemption yesterday by talking to an escrow officer.
However I wanted to treat this like a sub-2 transaction. I was thinking of taking the Deed in the name of my LLC, and keeping the loan in her name for a while.
TX hss some unique laws that may affect your plan. Best to consult an experience real estate attorney before proceeding.