Can I take over parents loan payments?

[Jason Jochem]

Hello All,

    I have a situation that seems to have presented itself that should be mutually beneficial to both my parents and I.   My mother had retired years ago and moved into a smaller house.  My brother, his girlfriend and her kids were living in her old house and started out paying some rent, but you know how it can go with family.  Anyway, fast forward a few years and her father had moved in with them under hard times and now everyone basically staying rent free while working and my mom paying for it is retired... doesn't seem right..

   My mom, fed up with the situation gave my brother a chance to buy the property what she had left on the mortgage. Property is worth about $175K in current condition and she wants 125K cover mortgage. My brother has for some reason turned it down.  Wanting to be fair, my mother has offered me the same deal.  The house does need some work to get it up to date and would be worth over 200K updated.  I have decided that it was too good a deal to pass up and with my construction background, I should be able make some money while getting mom out of her situation. 

  Now to the logistics.  I have 730 credit score.  I am self employed and as most do, I reduce my income as much as legally possible to avoid paying excess taxes.  I also had a lapse in work about from mid 2012-thru to start of 2014 because I wouldn't sign a no-compete clause, but now have been working extra cause nobody else can do the work cause they had signed that contract.  So between these 2 factor, I am no sure I will be able to get a mortgage in my own name at this time.  My mother has said she would do whatever she could to help.  We just don't know what our options are?  We have discussed either her co-signing for new mortgage, maybe adding me to current mortgage?, or keeping in her name and having me make payments while I fix it up and sell it (tax issues). 

  Anyway,  I'd really love some input from some of you whom have been in a similar situation. 

 thank you 

Jason