Question by Ed S: How to go about personally refinancing a relative’s mortgage (in Ohio)?
A relative in Ohio missed a few payments on her house and narrowly missed a forced foreclosure auction.
I’d like to bail her out somewhat by taking over her mortgage from the existing mortgage company. She would then be making payments to me instead of them, and I’d be a LOT more willing to forgive a missed payment or three. (Also her payments would be a lot less, even if I charged, say, 4% or 5% on the balance — and no, I’m NOT trying to get rich off her or gouge her!)
It really sounds to me like a refinance process, where she would be refinancing her home, but through me instead of a traditional lender. (I have enough cash to pay off her existing mortgage and separate lien.)
But I don’t know how to get the process started, or what kinds of paperwork I’d need to provide.
Anybody else go through this before? Or be able to tell me who to talk to, or where to go? (Be nice, now …)
Answer by Ted
sounds you have good thoughts for her …
Listen my advise (based on my personal experience) ….. don’t do that mistake. If you really like to help, make a payment or two … don’t jeopardizes your own financial situation or credit, unless if you are wealthy. Laws might protect you but you need time and money to go to court (which I didn’t had) if it get worst.
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