Can we sign over or house my mom and have nothing to do with the house anymore?

We want to get out of our house and get into anther one, our house is vauled less than what we paid for it, can i sign it over to my mother and if so what is that called and we will be completley off the house? Also will she need to be approved of rthe loan amount for the house if we can do this? She has bad credit so how would that work?

Can we sign over or house my mom and have nothing to do with the house anymore?
I don't get it, you are talking about signing your house over to your mother, but you want to know if she can get a loan due to bad credit? So, are you wanting to SELL your house to your mother or give her the house?
Reply:Yes, it's called a Deed in Lieu of a foreclosure.





Keyword: Foreclosure.





It appears as a foreclosure on your credit and no lender will give you a housing loan for a minimum of 3 to 5 years after that.





So, if you just give the house back to the bank....you'll be renting for awhile and you won't be able to get another house.





Think about it: Why would a lender give you money to buy a house when you couldn't pay for the last one you owned?





Not trying to be mean, but if she has bad credit to start with, and then has a foreclosure, that will be in the nail in the coffin on her credit and it will take her years to recover.





She needs to learn to pay her bills and stop just "walking away' from them every time she doesn't want to pay them.
Reply:It depends on the situation. Do you have a loan owed to this house? Do you want money for it? It can be a short sale to your mom and if you need to money and there is no loan you can just simply add her to the deed the title to the home and remove yourselves and do this thru a title company and they can do all the recording for you and they simply charge like $100 for this service rather cheap and easy for you so you don't have to go thru all they paper work and that it is done properly.





If there are more details let me know so I may direct you the best way I can.
Reply:No you can't just transfer the mortgage or do that if the bank owns the house. You can save her money by not having a Realtor, but someone will have to pay the bank. Also you have to have a lawyer to transfer the deed.