Hi everyone,
My wife & I live in a house that was purchased BY my mother for us since our credit was not good and we didn`t have the 20% down.We pay the mtg payments as well as we did put some money in for closing. We need to be put on title and want to take ownership of house.(Mtg is NOT assumable). Do we use a quit claim deed, then refinance with us as owners ? We are here only 7 months. Can I do this w/o an attorney?
Taxes are low now since my mom is 72 (Homestead Law),Im sure this will be affected to.
Also since we are paying the mtg,can we get the tax breaks now?
Any help would be great ! Thanks

You can not quitclaim deed until you refianance, it is all done at the same time, so you go out and get approved for a loan, and you will basically have a closing, you are going to have to buy the house from your mother, your loan pays her loan off, and then she signs the house over to you on some form of deed, warranty, quitclaim, limited warranty, what ever you would like to use.

No you can not get the tax breaks, your mom does, I would assume she is "lying" saying this is where she lives, to get the homestead exemption. So remember if they find out this is not true, she could owe a lot of back taxes also. She needs to show this as a rental home, since basically you are tennants, from a legal standpoint.

So there is no way to deed it to you until you can get a new loan in your name. Why did she not just co-sign a loan with you. ( not that I believe in it, but still why)

You need to be sure she has left you the house in her will at this point, and wait till you can get a loan.

If your mom does deed this to you before you can obtain financing then the mortgage lender that holds the mortgage can call the loan, meaning it would have to be paid in full.