[wdisher]

My sister, who is retired, has a beautiful modular home in Canyonville Oregon. She has recently become unable to continue to make mortgage payments and needs cash to pay off debt and move. I would like to buy her house from her as my second home (vacation home), thereby giving her cash to pay off her existing mortgage and other debt, and allowing me to own a second home. I also hope to write off the interest paid on the loan to help offset my expenses in owning it. I am just now beginning to work with my bank to lend me the money to buy the home. My question, however, is what process should I follow once the bank agrees to lend me the money? How does my sister transfer deed of ownership to me after she pays off her mortgage lender? Should I be concerned about the fact that this is a modular home in another state (I live in California, the modular is located in a beautiful spot in Oregon). I'd really appreciate any suggestions on how to proceed, and how to make this process easy for us both.

[ScottGem]

It's a closing like any other. Your bank and your attorney will tell you what needs to be done.