Hi,

My inlaws can't afford their mortgage anymore and my husband (their son) wants to help them save the house. The inlaws don't live in the home anymore and wants us to move in and take over the mortgage. We are willing to help pay the left over mortgage of 190k. They said that basically the home is ours now. They don't want to forclose the home since its been in the family for about 20 years.

Only thing is, I don't know what to do. We can't take out a loan or transfer the remaining loan into our name cause we both don't have good credit. What can we do? Just live in the home and pay off the loan under my inlaws name until the loan is paid off, then transfer title to their son's name? Please help.

Move in, pay them "rent" in the amount of the mortgage payment, have them forward the "rent" to the Bank. You are aware, of course, that you cannot transfer title to the property without a new mortgage and if one of the four of you should die there would be serious legal problems.

I would make every effort to get a mortgage in your names - these situations are full of pitfalls from tax problems to insurance problems and back again.

I would suggest a contract for deed, in it, the agreement will be for you to pay this loan off and then they will give you the deed.

I'd also vote for a contract for sale. This way everyone is protected. Just make sure the payments are going towards the mortgage.