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 grassvallygal
Joined: 21 Sep 2009
Posts: 1
1.45 Dollars($)
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 Posted: Mon Sep 21, 2009 2:22 pm Post subject: How do we transfer ownership without changing the mortgage. |
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Our home is in a family member's name because of my really lousy credit. (mostly medical bills that were paid 80% by insurance). We paid the downpayment and paid all mortgage payments. We all (family member, husband and self) want to get the house out of the family member's name and into ours, but we don't have a clue how to begin. There is an FHA mortgage on the house that is over two years old that is solely in the family member's name. We need to leave the mortgage as is. How can this be done?
To complicate matters, our mortgage was sold to Taylor Bean Whitaker a few months after it originated, and they are belly up. Our last two mortgage payments are in limbo and we have little or no time to get this fixed before it impacts my dad's credit report. We really need some solid advise! Any direction on how to proceed is gratefully accepted. |
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chrisburns
Community Experts
Joined: 13 Nov 2007
Posts: 372
Location: Florida
64.35 Dollars($)
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| Posted: Mon Sep 21, 2009 3:43 pm Post subject: |
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I'm slightly confused by the question, because I'm not sure if Dad is the family member with the mortgage?
Basically the person who's name the mortgage is in... MUST remain on title. He can add additional people to the title if he choses.
_________________
Chris Burns
Five Stars Mortgage, LLC
Office: 800-871-2636 ext. 200
Cell: 407-456-3697
Florida Mortgage
Five Stars Mortgage On Facebook |
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OneOfMany
Guest
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| Posted: Mon Sep 21, 2009 9:02 pm Post subject: |
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| Yes, dad is the family member, didn't mean to be confusing. He is in his late 70's, in great health but he wants to be sure that if anything happens, that we don't lose the house. |
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sunnyca2009
Joined: 04 Aug 2009
Posts: 1737
36.13 Dollars($)
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| Posted: Mon Sep 21, 2009 10:07 pm Post subject: |
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He can do a quit claim deed and add all your name to the property
Also he can have a will and make sure to mentine that every one has equal share
But after him, some one still need ot pay the mortgage, if it is not paid in full by that time |
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chrisburns
Community Experts
Joined: 13 Nov 2007
Posts: 372
Location: Florida
64.35 Dollars($)
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| Posted: Tue Sep 22, 2009 7:18 am Post subject: |
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Okay so he can either add those to title that he wishes to protect, or he can be sure to leave a detailed will that spells out how the succession of the home will be handled after he passes.
_________________
Chris Burns
Five Stars Mortgage, LLC
Office: 800-871-2636 ext. 200
Cell: 407-456-3697
Florida Mortgage
Five Stars Mortgage On Facebook |
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