Afraid of losing my home

denisenjohnson27 · Joined: 06 May 2008 Posts: 1 1.37 Dollars($)

My husband's father put our house in his name because we are unable to qualify for a mortgage due to credit issues. We signed a quit claim deed that says as joint tenant with the right of survivorship. He is not doing to well healthwise will the bank take our house from us if he dies? We paid for everything for closing, lawyers, mortgage payment, repairs, etc. He just put the house in his name because he has excellent credit. Probably not the best time to be asking this question but I am trying to lookout for my family.

adonis · Posted: Tue May 06, 2008 9:51 pm Post subject:

Welcome Denisenjohnson,

You signed the quitclaim deed so that you can be added to the title as joint tenant so that after your father's death, you can get the property title automatically through the right of survivorship. So, now you will be the owner and the bank won't take away the home if you can make the payments.

Now, what I'd like to know is whether the loan is in your father's name or he is just the cosigner, that is, you've used his credit to get qualified for the loan?

sara

Hi,

What I can interpret is that your father has used his credit and helped you qualify for the loan. But I'm doubtful as to whether he's the cosigner or he has the loan in his name along with having it on the deed. Do you have your name on the loan? In any case, I don't think you'll lose the home if you continue paying for the loan.

Take Care

gmakerley · Posted: Wed May 07, 2008 10:31 am Post subject:

it occurs to me that all you need to do is continue to make payments on that mortgage and you'll not risk losing the property. lenders are wary of those who do not make payments on time, and rightly so. if you are late, there will be ramifications. if you pay each payment when due, you ought to be in fine shape.

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