ANSWERS: 1
  • Legally you may own the property, however your mom is still responsible for the note. If she should fail to pay, they can come and foreclose/repo on the property. If your trying to get into a property of your own, I would try to see if the loan is assumable. If not, worst case scenario is refinance it and pay off the old note so you have both the property and the note in your name.

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