Okay here goes this is complicated and I need some help. My mother has a property in the same town that I live in and she is in need of help and she cannot pay the mortgage. My husband and myself are wanting to help and assume the property, paying the mortgage and tax payments. My mother right now is almost 4 months behind on the mortgage payments and we are going to catch this up on Friday. There is about 60,000 of equity in the house. In order for us to pay this mortgage we would like to take out 45,000 of this equity and consolidate debt. My question is how do we do this? Can you help with some advice?

Not unless you are the owners. Mom can transfer the house to you and then you can refi.

Ok, you want to borrow more money against a house where you are already having trouble paying the mortgage?

Why not merely work out a payment plan with the taxes and the mortgage company, Most mortages should allow you to start making paymements and merely add a small amount to start catching up the amounts you are behind.

So why not take the extra money you would pay on a debt that is 45,000 more and start paying more on the bills?

I have to question borrowing yourself out of debt