Posted by Big Harold on November 30, 2000 at 15:34:11:
This sounds pretty simple, but there are a few ways you could do this. You could have your step-mom give you the info to where the payments are being sent, then you send the payments directly in to the mortgage company. I’ve been told that if you do this for a year and keep copies of the cancelled checks, you could then have a lawyer contact them and ask them to allow you to assume the loan, since they’ve been accepting your payments on time for this long. Just have to be sure to always pay on time. There is no guarantee that this will work, but it’s definitely worth a try.
You could also set up a land trust, and transfer the title that way, so you’re actually owning it by being the beneficiary, but you don’t have to assume the loan. A bit more complicated, but still should work.
Lastly, and definitely not the least, you could go to a mortgage broker and get a mortgage on this, if your step-mom will gift it to you. I can’t imagine you not getting a loan to cover the mortgage left, if indeed the property is worth that much more. Get a good appraisal of it - the money spent is worth it - and then go to a good broker. They definitely should be able to get you fixed up.
I hope I’ve been able to help you, as so many people here have helped me. Good Luck!