[quote=Mooki]. . . If we do a “deed-over” to have my name added to the deed, what will happen to the house if my mom become bankrupt in the future? I do not plan on that but I am the kind that worries about “what can go wrong”.[/quote]
This is one of the reasons you should not become involved in this property.
[quote-Mooki]I do no own any properties right now but am in the market to buy a house within 6 months. Should I get my own house first before my mom gift the house to me? How will it affect me getting a loan to buy my own house here if I’m on the deed of my mom’s house in Atlanta? . . .[/quote]
I stated before that your mom’s note will never show up on your credit report. When you are in escrow to purchase your property (presumably in CA), you will fill out a “Statement of Information” about yourself with the title company. Even if you are on title with your mom in GA, I would not mention this property on there (or to any lenders I applied for a mtg with) as it will never occur to them to tie your identity in with another state (unless you are a =<7 yr "recent transplant" to CA and "GA" hits show up on your credit report). Even if "GA" hits show up on your credit report, your lender will not likely know you (co-)own another property unless you disclose this. To keep things clean and simple, I would not disclose it. And I would CERTAINLY not try to take full title and mortgage the GA property in my name! This could kill your chances of purchasing a property here.
-This post should not be construed as legal advice and I am not an attorney.–
