my mother in law cant pay her mortgage and does not have a job what do we need to do to take it over

How old is your mother? There are many options to chose from. A reverse mortgage could be an option if she is 62 and older. What is the best contact number for your.Chris

You cannot simply "take it over".. All loans done since 1988 are not assumable without qualifying.. Certain government loans (FHA, VA, USDA) might be assumable, but the borrower/buyer would need to fully qualify.. But if she deeds the property to you, and removes herself without paying off the existing loan, then that could cause the lender to exercise the "due on sale" clause in her deed of trust. She could add someone to the deed, and you should be ok, but if she is removed, then that's a trigger for the lender to call the note due.. She could also sell the property to you and you could apply for a loan.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com NMLS# 226347

Great day to you.I would highly recommend that you contact a local mortgage professional and actually go in to their office and sit down and go over your options with your mother in law. you can find a mortgage professional at www.namb.org Click on Find a mortgage professional on the right and put your state in the drop down menu. I only do loans in Colorado so can't assist you. Happy to help with questions.

There are many options available to you, but it would require a conversation as there are many moving parts to a scenario like this. Many lenders wont touch a loan if it is to be considered a bailout loan if this loan in question is in default / behind on payments. Also, if you are related it will be considered a non-arms length transaction. What is the plan for the property after you take control of it? Are you going to move in? There are many questions that would need to be answered to point you in the right direction. Justin Murray / JMurray@WintrustMortgage.com

You might address your options with a mortgage planner/consultant. She can definitely add you to the deed right away. As far as you refinancing into a loan and taking her off the loan you need to be on the deed for at least 6 months. However, you could go on a refinance loan with her remaining on it. if her credit is bad then you would continue making payments on the home as you are, and refinance in your own names 6 months from going on title

We can add you to the title of the property rather easy and then just refinance the house into your name.

Samantha, it is an easy process in your state. If you need assistance, contact me directly and I will assist you. JMurray@WintrustMortgage.com

Well you can just may the monthly payment for her. or you can look into refinancing the loan into your name but you may need to be listed on the title for 6 months or so. You should contact a local mortgage banker or broker for loan programs.