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Updated almost 5 years ago,
Questions about buying a house from a family member.
My mother bought a two family unit in 2002. My uncle did her the favor and signed for the purchase. Technically speaking my uncle owns the house. My uncle would like to be taken off the loan so, he can pursue his own real estate. My mother would like to put the house under my name. The balance on the mortgage is around 500k and the house is worth a little north of a million. My current credit situation is not that great and I recently transition into starting my own land surveying business. Last year I made around 100k as W2 employee as a land surveyor. I’m seeking some direction on how to take over the mortgage or to buy the house. Thank you.