Mom hasn't paid the mortgage in 8 years

[Chris Carbone]

Hello Bigger Pockets members,

I recently found out my mom hasn't paid the mortgage since 2009.  She said she was having problems, but never just how deep.  The house was bought in the early 90s for 175,000 and she owes something around 250,000 now, maybe more.  The house is probably worth 350,000, but she can't find the information from the bank.

She wants to get rid of the headache and it seems like a good investment if I were to flip it or sell it.  It needs a lot of work, but I'm a plumber and can do most of the work.

What are some recommended steps?  Can she sell the house to me?  Can she put the house in my name?  Should I just start paying the mortgage for her and if so how do I get my name on it?  She believes she won't make any money from the bank in a sale because of how much she owes, but this doesn't seem like it should be a total loss.

Best Regards, 

Chris Carbone 

[Wayne Brooks]

First, you to know Exactly how much she owes.  She should be receiving mailed statements, or maybe you/she can find out thru the lender's online system, maybe not.  I believe MA is a judicial foreclosure state.....if so you'd have plenty of time even you you woke up the lender.  If there is a spread to be made, just fix it up and sell it....she could pay you back for your costs afterwards.  Please don't tell me you're trying to take any away any "profit" from your Mother.