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Laurie, Other/Just Looking in California

My elderly mom owns a home in Conroe TX but cannot afford the mortgage payments any more. My husband and I

Asked by Laurie, California Thu Feb 19, 2009

would like to move from CA into her home and pay her payments. We don't really want to do a quit claim because we would have to open a mortgage loan in our name and we probably could not qualify because we are keeping our CA home to rent out. Mom wants to eventually give her home to us, but does anyone have any ideas about the best way to go about this? We want to keep everything very legal and ethical and want to know what our options are. Thank you!

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If you cant qualify for a loan then make all payments on behalf of your mother, sign contract between all parties. Confer with attorney you might be able to lien the property therefore she cant sale unless you release lien, if you are making payments I am assuming you want an equity share to home?

Where is your mother going to live with you ? or relo to a smaller home
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1 vote Thank Flag Link Thu Feb 19, 2009
Talk to your family attorney or real estate attorney. They almost always say NEVER use a quit claim for anything here in Texas. You might just draw up a simple agreement that expresses everyone's wishes and intentions, especially if there are other kids in your family. Things change and that's why it's good to have your understanding in writing. People pass away, people split up, people decide they don't like living together, other realtives get jealous, peoples incomes change up and down.

Good luck....all sounds like a good plan and sounds like you are on the right track.
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0 votes Thank Flag Link Fri Feb 20, 2009
Bruce Lynn, Real Estate Pro in Coppell, TX
You may be able to get your names added to the deed as well, just in case. Make sure to also write all of the mortgage payments in a traceable force, so you can prove payment on your behalf every month. But as stated below, a quick trip to an attorney should help you figure out all of the best options to protect your interests.
0 votes Thank Flag Link Fri Feb 20, 2009
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