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Home >> Lending >> Home Mortgage
Managing a Mortgage with Poor Credit
I inherited a house after my mother passed away two years ago. I have been making the mortgage payments on time and the loan remains in her name. I want to transfer the mortgage into my name, but I have a poor credit rating and the bank that has the mortgage refused me. How do I get this transferred into my name? There's $47,000 left on the mortgage and the home was last assessed at $350,000, so there's quite a bit of equity. Upon flipping the mortgage into my name, I also want to refinance and use some of that equity to pay off my debt. Any suggestions?
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 We have none. Reputable lenders do not make a loan based on the collateral. They want to get back the money they loan, with interest. If they have to foreclose and sell the home to get paid, they have costs, and to sell the property at fair market value, they'd have to pay off the loan plus pay you the overage. They don't want to do that.
If your credit is bad, you may have to look for a less than reputable lender. We don't recommend that. You may have to sell the property to get your money out of the home.
Published on BankingQuestions.com 2/11/10
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