Our landlord is offering for us to take over the mortgage for her house. We have no good credit and a few things on our credit report to the bad...my question is, can we sign over the same loan payment plan as what she had or do we have to get our credit cleaned up first? She has a far lower interest rate due to a better credit history. If this isn't an option, what should be our next options?

Just make the mortgage payments for them.....thats all you can do.

 

Kyle Hufford:

Just make the mortgage payments for them.....thats all you can do.

 

 

While you are making those mortgage payments also try to get your credit cleaned up and also get a few small loans/credit cards to start getting your credit history built up...all lenders are going to want to see a 12 month clean history of payments made. 

The question is....are you assuming the mortgage from her?  This may not be possible as many do not have assuption clause.  If you are not assuming the mortgage, then this may be considered some sort of seller financing.  The mortgage, if not assumable, would remain in her name, your payments would be made to her and then remitted to the lender.  This in and of itself is risky, as you have no legal interest in the property.  Obviously, if the homeowner were to pay off the current mortgage and then to offer you financing on the property, it would be at her disgression rates and terms...Feel free to call for a free consultation....My office number is 760-730-5040

sincerely, Tarhn Koerting

Good advice, I was a bit short. But ask to be put on title possibly..

 

Get some ineterest in the property by being put on title.  Joint tenancy with %'s spelled out.  Might at least give you something.