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My mother and father has a house and mobile home. The house is in modification currently. They want to transfer the title to me on house and mobile home. They have not paid the mortgage on the house for over a year because of the modification that went through once before and ended up being more than the previous firat payments. They both had a business and lost it over a year ago and cant really pay for the full mortgage on the house and mobile home. Will the bank come after me for anything if they do this.

chrisgummerson · Posted: Tue Sep 13, 2011 3:48 pm Post subject:

The bank will take back the collateral that was used for the loan. If you transfer the ownership, it may trigger the due on sale clause and you would have to pay off the loan at once...Contact your lender and explain the difficulty. Maybe they can short sell, rent it or you can help with the payments, and add on title as owner. Then you are protected for your monies vested in the home.

jameshogg · Posted: Tue Sep 13, 2011 7:28 pm Post subject:

Hi alonzodf,

Your parents can transfer the property to you. This will make you the owner of the property. In such a situation, the lender might want you to assume the loans and pay off the mortgage dues.

Thanks

sabrinatoss · Posted: Wed Sep 14, 2011 8:27 pm Post subject:

The coverage is only for the life of a loan (Mortgage Policy) or from conveyance to a new owner from the current owner (Owner Policy).

Even if the property you inherited had been "in the family" for years, it is still wise to have a property search done on the property to make sure it is free of liens and possible claims. Once you know the true status of it, you can make the decision to purchase an Owner's Policy to insure your interests against prior owners. If you are not keeping the property, intending to sell it, you'd want to know the status of the title so you didn't have surprises later on at the closing table.

The fact that you are inheriting the property does not guaranty clear title.

Idea

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