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What is the most cost effective way to get my mother's mortgage in my name so that I can use my high credit scores to refinance the property, which is currently "under water?" 

I am taking care of my mother's condo in Florida which is currently "under water." The loan balance is $48,000, the monthly payment is $450 and the interest rate is 7.25%. The estimated value of the property is $25,000. I am currently renting the condo for $400 per month. The condo is in my mother's name, although I make all the payments; all payments are up to date. Because of her own credit situation, and the fact that she has other properties, I don't think she is a candidate for a Home Affordable Refinance Program (HARP).

I want to get the mortgage in my name because I believe I will have more options for refinancing the mortgage with my credit scores. What is the most cost effective way to get this mortgage in my name? 

Real Estate
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March 2018

Interesting problem. 

I don't see why you would want to refinance a $48,000 mortgage ona $25,000 property. I don't see why a bank would give you such a mortgage.

From what you are describing, the best financail option is to foreclose and buy another condo.

If I misunderstood let me know. I'll be happy to be creative!

March 2018
March 2018