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My mother in law can no longer afford to pay the mortgage on her condo so my partner and I are. Can she have us added to the mortgage and if so, what it the process?

3 Thoughts on What is the process of adding a person or 2 to an existing mortgage? Is it possible?
  1. Reply
    Steve D
    January 26, 2014 at 1:37 pm

    You would need to refinance the current mortgage with your mother-in-law under all three names or she would need to sell you the condo if you wanted to take on the mortgage under your two names alone. In event, this is the same is starting all over in regards to the mortgage process (you apply, the mortgage gets processed, and hopefully you get approved). It works only if your mother-in-law has equity in the condo.

  2. Reply
    January 26, 2014 at 2:30 pm

    Need to refinance and include everyone, which means everyone would have to have good enough credit to qualify for a mortgage.

  3. Reply
    January 26, 2014 at 3:18 pm

    Your mother-in-law would have to refinance and have a co-signer. It could be both you and your partner. But if only one of you is enough, I’d suggest you only add one of you. Reason, should something happen to you and you’re later or something, the credit or all 3 of you will be affected if all 3 of you sign the mortgage loan.

    If only you or your partner signs, one of you remains free of bad marks should something go wrong. So you and your partner should sign only if it’s necessary (one of you and your mother-in-law don’t qualify).

    The other way of helping her is not adding your name to her mortgage but buying the condo from her (assuming it’s got enough equity). Again, if you don’t have to have both of you sign the mortgage papers, don’t.

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