Getting on my fathers mortgage and title in PA

Guest 0.10 Dollars($)

Hello, I live with my father is his house in PA. He got a mortgage
about 6 years ago through Wells Fargo, when his credit was very good.
Since then, he has had numerous late payments and received several
certified mailings warning him of default and foreclosure. That's when I
come in and pay the mortgage for him. Wells Fargo, to its credit, has
been relatively easy to deal with. For the most part, I have paid the
mortgage for the last 4 years.
Unfortunately, my credit is terrible. However, would Wells Fargo put me
on the mortgage as an added, albeit small, protection of their
investment? I would like to get added to the mortgage and the title. Do
I contact Wells Fargo first or tackle the quit-claim deed area first?
Or, do this end up as one in the same anyway?
I was hoping that, because of the mortgage crisis, these banks may be
more willing and open to this. Thank you so much in advance.

laphillips

Welcome Randy,

I wouldn't advise a quit claim. A quit claim deed can transfers interest in property but does not change legal obligations as far as the mortgage is concerned.

Also, changing title to the property could trigger the acceleration clause in the loan documents causing the balance to become due & payable.

Consult an attorney since laws, etc. can vary by state & ask if another way to go may be to set up a tenants-in-common deed. Again beware of the consequences of changing title.

At this point contacting Wells Fargo may be the way to go. Talk to the Loss Mitigation department, explain the current situation and ask about a loan modification.

Your father might want to also consider a Reverse Mortgage. There are many misconceptions connected to Reverse Mortgages. This HUD site http://www.hud.gov/offices/hsg/sfh/hecm/hecmhome.cfm offers explanations and links to further information including publications.

larry · Joined: 27 Jun 2007 Posts: 3328 473.51 Dollars($)

Hi Randy.

Welcome to the forum. Agree with Lynnette that you should talk with Wells Fargo to know whether you can refinance the mortgage loan on your name. Can you tell us how bad your credit is? If you have more than 680 score then you can get approve for the refinance with affordable rates and terms.

BTW if you can refinance the mortgage on your name then your father can quitclaim the property to you.

Best of luck,
Larry

Guest 0.10 Dollars($)

Thank you Lynnette and Larry, I appreciate your feedback. I will contact Wells Fargo and see if they will modify the loan and out my name on it. I would think that this would be more favorable to everyone, unless I am missing something. Anyway, thanks again!

Caron · Posted: Mon Sep 01, 2008 4:56 am Post subject: RE: reverse mtg or refinance

Hi Randy,

I'd agree with Lynnette. Your father may qualify for a reverse mortgage if he's aged 62 or above. But of course he'd have to pay off the wells fargo loan as soon as he gets the reverse mortgage loan proceeds. By the way, has your father applied for Medicaid? he needs to take care of the fact that the reverse mortgage proceeds doesn't affect his eligiblity for such assistance.

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