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FIB - Scams 101
Non-business: Is there a mortgage broker or real estate expert in the house?
Posted By: MaaMaw
Date: Friday, August 15, 2008, at 4:31 p.m.(pst)
I realize these things vary by state, but I would like to hear your general understanding of the following situation. (I won't quote you, I won't blame you, and yes, I will be consulting an expert to get it all done, but in the meantime, I'm desperate for some insight.)
In San Diego, my mother and I owned our house jointly, and we were both on the mortgage. When we moved up to northern California, on the advice of our mortgage broker, we put the new house and the mortgage in my mother's name alone.
She lives here with us, and we did it that way because she had spotless credit (I did not), and she could qualify for a much better rate. Also, a scam artist was pursuing me and I thought it would be better not to tempt him with my house.
We were told (by the mortgage broker, who was not the one who ended up doing our mortgage) that it was absolutely no problem to change the title to my name somewhere down the road.
"But what about the mortgage?" I shrieked. "It's not in my name. How does that work? And what if something happened to her?" (I've been making the payments since day one, but it's in her name.)
"Noooooooo problem," he said.
That made very little sense to me, so we consulted our realtor and also a friend who was a realtor. Everyone said it was no problem: "You just continue making the payments like you've been doing and nobody cares."
Well, it's now time to change the title to my name.
It makes absolutely NO SENSE to me that a mortgage company would just sit idly by and let us take my mother off the title, and later (hopefully much later), when she dies, just let me keep paying the mortgage that I don't own.
I think the fish fermented in Denmark (or something).
Can you change the title on a house without putting the mortgage in the new owner's name??
Like I said, I won't hold you to anything you say, but I have family things to take care of before I can do anything official, and I really would like to have some idea of what to expect.
Blessum yewz.
Luv,
MaaMaw
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