Private Assignment of Loan in CA?

[p1oschl]

What is the name of your state? California.

Help - Trying to help both my mother and my family.

For a variety of health reasons, my mom needs to move from her home however refuses to sell it (at least to anyone other than family).

To help, we (my husband and I) would like take over my mom's mortgage however currently have very bad credit (low 500s) so can't get a mortgage of our own to assume the loan. Even if we were to remarkably be able to find one, the interest rate would surely be outrageous.

If my mom quitclaim deeds the property over to us, can we (my mom and my husband and I) also create a private contractual assignment to take over her loan?

If so, can my husband and I claim the mortgage interest as a tax deduction since we would be the ones truly paying the mortgage payments although the loan is still officially under my mom's name?


Thanks so much for any guidance offered.What is the name of your state?

[Zigner]

When the deed is transferred, the loan will become due. Your mom signed a contract agreeing to this. Your mom can't transfer her interest in the property without properly notifying the lender and following the rules.

[nextwife]

The lender can assign the loan - the borrower cannot.

[FlyingRon]

You need to consult some experts on this situation. In addition to what is mentioned (no practical way to assign the mortgage) your mother's home is an asset to her and there are issues with her ongoing care (medicare) that can be screwed up by improper transfers.