Stressing about..

[Anonymous]

Ok here we go.. little backround

My score 750, my partners score 692.  We have been rebuiliding her credit so most of everything except one credit card is on mine

auto one- 1900 balance

auto two - 14000 balance

credit card miles 700 balance ( 10000 max)

credit card BA-250 balance ( 8000 max)

credit card Dis 150 Bal ( 15000 max)

mattress 2000 bal - loan 3200

Timeshare pay $112 a month

Saving account- $2000

Checking acount - Flucuates

403 B $44,000

I make 60, 000 plus 5-7000 OT, my partner makes 30,000 + another $5000 OT

Looking at a houses on the market for 200,000- 215,000 with 2-4000 in taxes

Looking to put $10,000 down

Ok here is the predicament

My mom bought a house about 6 years ago. A year into owning this house she asked me to come on the mortgage because she was trying to refianace and needed my help. I was/am living in the house and she told me 1/3 of the house  would be mine once she sold the house. Fast forward 5 years later, I need to leave, she cannot afford to buy me out and it is not the time to sell the house ( due to the market)   I have been paying the mortgage monthly because my mom was getting charged late fees, so I took it over.

So the banks and mortgage broker that I am using are saying this might be an obstacle..

One thought was to have a friend of mine " rent the house" and show proof of a security deposit.

Thoughts and suggestions??

[Lel]

So you were a co-borrower on the mortgage when she refinanced, is that correct? How much are the monthly payments?

Like it or not, you need to still consider selling the house. You could also look into having your mother refinance the home in her name only. If you don't do either and are no longer able to help your mother on the payments, then you will be looking at foreclosure, which would really pose an obstacle to future homeownership.

[Anonymous]

Yes, I was a co-borrower - the mortgage is $1525 including taxes

[Anonymous]

Is your mom giving you money toward the mortgage payment? If you can document that, I believe it can be used as an offset.

[Lel]

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@Anonymous wrote:

Is your mom giving you money toward the mortgage payment? If you can document that, I believe it can be used as an offset.

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It sounds like the situation is the other way around - orion is the one giving money to Mom.

You might have to do more than show a security deposit to prove rental income. And are you really going to rent the house to your friend? Your use of quotation marks makes it sound like this is just going to be a ploy to get approved. If you are not really going to rent it out to offset the cost of your mom's mortgage and your prospective new mortgage, then you could really be getting yourself into a financial bind.

[Anonymous]

Could be - whichever way it is, I'd think that if she can prove that she's giving her mom a set amount of money every month (or the other way around), that would have an impact on DTI...if she's not having to pay the entire $1525.

[Anonymous]

Hello and thank you for your ideas. I am still planning on giving my mom 1/3 of the mortgage ( ~ $525) and trying to get someone in there to rent my room evantually which would then help me out ( one of my brothers friends).

Push come to shove we could pay both mortgages( 1/3 mom, full other) and take care of our daily bills. We would not be bale to save though, and that scares me.  If this is what it would come down to me and my partner where both looking at getting 2nd jobs to supplement.

BTW mom is saying that she want to pu the house up for sale in early spring ( after elections and NY winters)

Thanks in advance,