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Posted in Mortgage
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Question By
MayaMax12

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Can I be added to my Moms mortgage if I've had a foreclosure 1 yr. ago?
My wife and I needed to foreclose on our loan (1 yr. old) in order to help my 80 yr. old parents. Dad died last year and Mom wants us to have her house as we have paid all of her bills including the mortgage for 3 years. The home is willed to us and she would like to either add us to her mortgage or for us to get our own mortgage.
Can we be added to her existing mortgage?
What do we do if she passes away before we can obtain a mortgage?
Can we continue to pay her mortgage until we are credit worthy?
Our scores are around 700.

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Top Contributor
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Mortgages

Unfortunately, an installment loan (Mortgage) is entirely different than a revolving account (Credit card) and as such, you must go through the approval process and actually purchase that house from her.  In essense you would purchase the home from your mother.  

However, a better option would be to get with a real estate attorney and do what is called a transfer of deed. Here's a great article to give you the basics.  Let me know if you need furtehr assistance.   http://www.realtor.com/advice/transfer-real-estate-deed/  

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