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So my mom wants to refinance her house and she can't do it herself. She wants me to do it in my name. I don't know anything about this, but I understand that this is a loan and I'm not sure I want to be bound to this. (She already has two loans on the house, first from buying it and then putting a new room on it awhile back). I feel bad for her but I want to move out of state and I don't want to have trouble moving back out. I want to know that if I do this, I can still get an apartment (I'm not interested in buying anything at this juncture). What are the pros and cons of doing this? I hate this geographic location and don't want to be bound to this godforsaken state. Thanks.
sounds like your mom is in financial distress and in an act of desperation she is putting you at great risk. it wont end well. why does she need to refinance?
Her payment is higher than it could be or something.
if she is just looking to lower her interest rate to reduce her payment, that isnt reason enough to turn to her daughter to take on the loan. there is more to it than that.
plus, if she is going to be paying off the old mortgage and taking a new one, i dont see why she should have such an issue getting that done. its not like she would be adding additional debt.
Thanks for your responses, I don't think I want to do this.
you definitely need to know all the facts about what you will get into. id rather give my mother money to help her pay her bills (possibly loan) than get involved where im stuck with a mortgage on her house.
you definitely need to know all the facts about what you will get into. id rather give my mother money to help her pay her bills (possibly loan) than get involved where im stuck with a mortgage on her house.
I already do that lol, but she just wants a lower house payment.
If she can't refinance on her own, that's a big red flag. The lender does not want to do it because they think she does not have the ability to re-pay. Her credit is too bad or she is too over-extendend credit wise to get a better rate. The other half of it is that if you take on the morgage without her deeding the house to you, guess who is stuck making the payments so your credit is not ruined with no home to show for it. That's what's going to happen if she can't or wont make a payment.You can't sell the house and you cant evict her if she is on the deed.
Last edited by rose8989; 08-28-2011 at 09:09 PM..
Reason: grammer error
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