I was adopted by my foster mother this summer. I am fifty six years old. Both she and her husband (now deceased) are listed on the deed. He was a retired Command Sergeant Major in the army (he had over 30 years of military service), and died two years ago. He was not a good manager of money and continued to make loans against the house. At this point, her mortgage is $1200 and that is more than she makes for the month. She is trying to refinance to make the payments more manageable. But she can't get any financial help. No one will refinance the house because of her age (81 years). If my name was placed on the deed, would this bring her payments down from $1,200? Her husband was my dad, and I moved back this past March. Please help! I have tried everything.
I would be careful with adding your name to the deed. Any change in interest may spark the due on sale clause for the mortgage. Reach out to a local Estate Planning attorney to explore other avenues for alleviating the burden of the debt.
