I am the one making the mortgage payments. Can she shortsale the house to me? will shortsale affect her credit? how to negotiate shortsale to the lender?Real state experts advise needed...The mortgage loan is under my mom's name. The Title is under me and her....?
She can not, you are both on title, which means you are selling to yourself, and you are related, which generally means you are trying to defraud the bank.
You can not short sell to yourself and you can not short sale to family members.Real state experts advise needed...The mortgage loan is under my mom's name. The Title is under me and her....?
She can only short a sale if the banks agree to it . . . the short sale will affect her credit but you can negotiate how it will be reported . . .
Good luck trying to get the lender to approve a short sale to you who is on the title to the property, the bank is going to be very wary of the deal, most likely would not get approved,
You need to contact a real estate attorney; when dealing with any transfers it's always a good idea to do it right and make sure everyone is covered.
Obtain a lawyer for advice....Do it right the 1st time
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