Taking over an existing mortgage,,

[Ray Burrola]

Hello BP members. I am taking over a mortgage from a family member. She has already paid 12 years of the 30 year loan. I chose NOT to do an assumption because I don't want the mortgage to affect my credit and debt to income ratio. We agreed to keep her original mortgage in her name. Under our agreement I will have 100% ownership. However for the remaining 18 years of the loan it will still be in her name. I know I need to be placed on the title but I'm trying to figure out how to protect myself and be able to show I have 100% control of the property although her name will be on the mortgage. As well as preventing the due on Sale clause.

[Sean Carroll]

@Ray Burrola that is a tough situation but definitely get  a signed notarized contract. also call the lender because I assumed my fathers mortgage and wells Fargo said they don't care as long as I keep paying.