[aroberts1903]

Hi

My sister is struggling with her mortgage alone, and as asked me if I would like to go in on the mortgage to cut down her monthly payments.

I think this is a investment for me, as it is so difficult to get on the property ladder these days.

How do you go about it? Does she have to re mortgage or can it be done another way?

Thanks A

[ScottGem]

You need to check with the lending institution that holds the mortgage. Most likely they will be happy to have someone else on the mortgage who has agreed to be responsible for payment.

However, getting on the mortgage does not give you any rights to the property. All it does is obligate you to pay the loan.

If you want to be listed as a part owner of the property, you need to get on the deed. For that you need to check with the county clerk's office to find out the procedure for that. Since the lender has a lien on the property, they may will probably have to approve adding you to the deed.

[aroberts1903]

Thanks scott this as helped a lot as I didn't know anything about the deed and mortgage thank you

[CaptainForest]

While Scott has given you the correct information, there is another aspect I wish to touch upon.

Who is living in this home, you and your sister or just your sister?

I think this is a silly idea for you to do.

You have not provided a lot of information, so I am making some assumptions…

I am assuming your sister lives in this house and you do not.

Buying a home to live in is a smart call.

Buying a home as an investment tool is a bit silly, especially in your case.

You say you can not afford a home on your own.

There is no guarantee home prices will be going up, but rather they are levelling off.

In some markets, they are even declining a bit.

Take the money and invest it in other places, such as a bank account, CD, or whatever.

Don't look to be buying a home as an investment when you are giving the impression you don't have that kind of money.

[bryan305]

Buying a home to live in is a smart call.

Buying a home as an investment tool is a bit silly, especially in your case.

I really hope that I'm misunderstanding what you said

[CaptainForest]

I really hope that I'm misunderstanding what you said

Maybe you have, maybe you haven't.

What do you think I have said?

[cspeeks]

I can understand wanting to help out your sister but it sounds like you can do the same thing by just giving her money. You also need to consiter that if you and your sis are both on title and mortgage you are both responsible and your credit will get ruined if payments are not on time. Also if you decide to sell you can't with out her agreeing. Lastly if you should want to obtain credit anywhere it will also affect your debt to income ratio as it will be on your credit report. All together it sounds like a bad idea to me