My mother is a widow and is currently paying on a mortgage on the house in her name. We want to move to a better area in the city, as the neighborhood has gone downhill and the whole area and city as a whole is horrible.
She currently has a refinanced Chase mortgage from like 2002 or so. About $48K left on the mortgage. It is possible that we may be able to sell the house for what is left on it. It is my understanding that if she does a short sale, it hurts her credit and she may not be able to get another mortgage. Granted, she had a bankruptcy in mid-2014 (unrelated to the house), but her credit is still pretty good since she kept the house and has not missed any payments or been behind on it.
As one of her kids, I try to help her out. I'm not married currently, but someday I want to get my own house and be married within the next 4-5 years at most. I do live with her currently so that I can try to make things easier for her. We were pondering doing a short sale and renting a house, but I think that is pointless when she could be paying less for a mortgage and actually buying the house to own. She's in her mid-50's now, so I want her to actually have a house to retire in.
Is there a way for me to help her get the house with financial backing without getting it in my name? She wouldn't miss a payment at all, so I'm not worried about anybody coming to get me. I'm just worried about my future, too.
Added (1). If I cosigned with her on the mortgage, for instance… I don't see how I'd be able to get my own house someday. I could get a house in my name and let her live with me for the time being, but I'm not sure that I want to buy a house yet. I want to save up a big downpayment before I buy my own house someday. I pay bills, so I'm not mooching off from her or anything. With our combined incomes, we could qualify for a house with no problem… I just don't want to mess up my future ability.
Added (2). … And pardon that typo. We live IN the city now, but basically want to move AWAY from the city and live in a more rural area further out.
Read more: What advice would you give for this situation?
