Credit Advice

Have a question? Have advice to share? The combined knowledge and experience of everyone in the Credit Karma community can help you. Enter your question or help others below to get started!

Question

Posted in Mortgage
Profile Image

Question By
occgenius

0 Contributions
0 People Helped
Unusual question for experienced mortgage consultant...
My mother and step-father have a home in Washington that they would like to get in my name eventually to prevent it from being sold or taken in case of one of them getting sick in the future. If this is not a concern I would like this to happen so I can reduce their bills by having them live there without payment.

Currently the home is worth 400k+ and has a mortgage of 125k. It is a duplex with studio attached that can be rented after some paint and carpet. The rent would be about $1400 coming in from both units so I would be using this for the mortgage payment. Currently the other unit is renting for $900.

I have a credit score of 622 at the low end and 40k in the bank and have my stubs from this last year of making 60k. I just quit my job and have a couple things in collections on my credit report.

I believe if she stays on a refinance that property tax will not change and it would be the only way to get me approved due to my score. We were trying to start the process and get my score up and then do another refinance in the next 5 years to put it in my name.

Where should I start to get this done, if it can be?

Thanks in advance, B

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW
All Responses

Result 1-1 of 1Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next
Top Contributor
5038 Contributions
1132 People Helped

I would consult with an attorney that is familiar with property law in Washington, find one that does estate work. I am not sure about Washington, but in some states a property will have to be in the recipients name for a certain period of years before it is safe from being taken by nursing homes, etc. This is if the house is given to or given to someone for less than far market value, if the house is sold outright, then of course it cannot be touched, but there are all kinds of weird stipulations there, such as it can't be sold for a dollar or something along those lines. I am also very confused by all of it and due to the importance of the matter and the complicated nature of it all, find a good attorney that is experienced in this area to consult with.

Result 1-1 of 1Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW

Reply to this Question

Write your response:
Enter Your Comments

The Credit Advice pages of the Site may contain messages submitted by users over whom Credit Karma has no control. Credit Karma cannot guarantee the accuracy, integrity or quality of any such messages. Some users may post messages that are misleading, untrue or offensive. You must bear all risk associated with your use of the Credit Advice pages and should not rely on messages in making (or refraining from making) any specific financial or other decisions.