The house is under my mothers name can we put it under my name without penalty fees?

Celia
My mom has 2 houses, she will be losing one because she cannot afford, she wants to put the other one under my name so when is time to refinance, she can get a good deal.. Is this possible without any penalties?

Gita
You should check into your mom deeding her interest in the home to you, although, as others have stated, she'll still be on the loan. I doubt it will become an issue, but her loan will have a "due on sale" clause that, should the bank wish to do so, they can call the entire note due and payable because she transferred an interest to you. Again, I never really worry much about it but it is important to know this going into it. If your mom has her other house foreclosed, she won't be refinancing anytime soon. Her credit will be negatively impacted and no banks are looking to lend to high risk borrowers right now, and probably not for the next few years. Did she try to sell her other home, or try to work out something with the lender on that home ("short-sale", "deed in lieu", etc.)?

Elinor
You need to buy the house from your mom. She can sign a "grant deed" giving the property over to you but she will still be on the hook for the home loan.But if you just buy the house from her or refiance the house together, then she can put your name on the deed.

Natalya
If she loses one of them to foreclosure, her credit could be such that she couldn't refinance the other one. She would be wise to contact 888-995-HELP, this is a HUD approved counseling service to help folks caught up in this mortgage crisis. Otherwise her options are to rent it out to make the mortgage payments until the market improves. And/or sell it now for whatever she can get for it. If she can sell it and not take money to the closing, then she will have saved her credit rating and had no penalties. To let the house foreclose creates HUGE Penalties.

Aaron
you have to pay, call the lender and request for quote

Jeniffer
This is not a good deal for either of you. She can't just transfer the house to your name without paying off the existing mortgage. And she can't refi if she doesn't own the house anymore. Besides, you don't want to be liable for the mortgage on the house in case your mom can't make the payments on that, either. Too bad she's losing one, but she should contact the lender and see if there's some way to avoid it. Sometimes the lender would rather work with the owner than go through a costly foreclose process. Can't the house be rented to help defray the cost?