Right now my mom only makes about k a year. She’s a widow, and I live with her helping out with a lot of stuff. I’m capable of doing my own things, but I’m not married right now (and don’t plan to be within the next 2-3 years at least)…I enjoy helping her out, and we get along very well.

I make a little over k a year. I have excellent credit (a recent random score pull had my score at an average of 763). I have k in available credit spread over 6 credit cards – about a little over k currently being utilized and I’m paying that down as quickly as I can. Her recent MyFICO score was 719, and I know she has some credit card debt probably ranging from k to k.

We’re sick of our current house. We have 3 people living in a 2 bedroom house, basically…with one bathroom. It also needs a lot of repairs that I’m not qualified to do. k left on the mortgage…my mom refinanced about 6 years or so ago to pay off a debt that a family member caused her to have because of their stupidity in involving her in something (she learned from it, big time). However…that may go down to like k or maybe a little lower if it was paid off immediately and all of the other interest was eliminated due to us selling the house.

We need at least a 3 bedroom, 2 bath house. Looking to buy in or around McDonough, GA (currently living in Atlanta, GA). I don’t want to co-sign on a house and have my name on it for 30 years or whatever. I’d rather it stays in her name, since it is basically what she wants to be her "last house." I help her with bills and such, and I’d like for my income to be somehow considered in addition to hers…but not as a cosigner. Is there any way to do this without my name getting on anything as if I’m jointly purchasing the house with her?

I’m pretty handy…I can fix a lot of things around the house. We’re looking at getting a house k at max. I’ve seen a lot of foreclosures and also general house sales online at various websites, and we’re going to go look at some in person today, just for the heck of it. I don’t want her to get in over her head for anything once I do have a life in the future and move out to get my own house. But I also want her to have a nice house to live in, in a better area than where we live now. I don’t even know how to go about selling our house in that it needs so many repairs on various things that we’d just rather not bother with (changing out all the galvanized piping, etc.)

I know there are closing costs on our house and the new house, as well as lawyer fees, realtor fees, document fees, and probably some other fees that they’ll come up with along the way. She can get a "hardship" loan from her job, where they sell stock they’ve given to her for free in the company…and she’ll get at least k+ from that. I’ll be spotting for a few thousand, as well. We pay over 0 a month for mortgage now…and it looks like it may be a similar monthly mortgage if we got a house at k or so and put down around k at least for a down payment.
Also…what can we do if the house we’re currently in does not sell for enough to pay off the existing mortgage? I’ve been told they don’t "roll over" the remaining balance to a new mortgage anymore. That concerns me a good bit.
She also wants a "fixed rate" mortage…instead of the current, crappy adjustable rate that keeps only going up, and never down or staying the same.

Technorati Tags: 3 years, 6 years, atlanta ga, big time, cosigner, credit card debt, credit cards, family member, foreclosures, house sales, mcdonough ga, mom, mortgage, myfico, score, stupidity

Tags: 3 years, 6 years, atlanta ga, big time, cosigner, credit card debt, credit cards, family member, foreclosures, house sales, mcdonough ga, mom, mortgage, myfico, score, stupidity