Legal Question in Credit and Debt Law in Georgia

What is more likely is that you will have trashed your mother's credit and perhaps drained her assets in her retirement. You are proposing having your mother take all the risk for your financial situation. If she uses common sense, she would NEVER even consider it. If you care about her at all, you will never even ask her and put her in that position.

What an awful idea!

If you ever miss a payment or make a late one, your mother's credit is trashed and she gets sued.

Additionally, if you buy in her name and later quitclaim to you, you either have committed mortgage fraud (a crime) or you trigger the due on sale clause in the loan deed and the lender forecloses because of the transfer.

Co-signing is a BAD BAD idea. I echo the sentiments of Attorney Riddle and Attorney Ashman. You should not be putting your mother in this position. I don't know what led to your filing bankruptcy, but you are a possible credit risk and if the mortgage is in your mother's name or if she is a co-signer and you miss a payment or are late with a payment by more than 30 days, it goes on her credit. And if you stop paying altogether, it means that she has to pay or else there will be a foreclosure which will again be against her.

I don't understand why you are so anxious to get into another mortgage having been through a bankruptcy and why you can't wait.

If you are so eager to do this, then I would suggest that you and your mother jointly buy the property and have the deed in both of your names with a right of survivorship. That way, if your mother dies, the property will pass to you automatically and will not be involved in probate. If your mother qualifies, just her name can be on the mortgage. It will be on her credit but you can make the payments. When she dies, you would still be liable to keep paying the mortgage.

The other way is to have your mother buy the property and take out the mortgage. Your mother will need to make a will leaving the property to you in case something happens. Whenever your credit recovers in 2 years, you can then apply for a mortgage and can buy the property from your mother.

If your mother is going to buy the property outright, she can do that and then turn around and sell it to you. You can do a land installment contract or she can rent it to you with an option for you to buy the property in 2 years. Under the installment contract, your mother could provide owner financing and she should keep a security deed on the property so that if you stop paying, she will be able to foreclose and sell the property. If this is a rent/purchase option, you pay $x in rent plus extra for the option to purchase and the extra will go toward the purchase price. Get a real estate lawyer to draft the agreements for your mother - these need to be done right.