Home arrow Mortgage Forums arrow Forums: Learn from other's experiences arrow

transfer title of house, not mortgage

Author Message
Icon Mini Profile cure171





Joined: 27 Oct 2008

Posts: 1

1.34 Dollars($)
Post Posted: Mon Oct 27, 2008 6:31 pm    Post subject: transfer title of house, not mortgage
Like 0
Dislike 0

My father officially owns the house that I live in. It is in NY. I pay the mortgage, and the down payment was mine, but all is in his name, both the title and mortgage are soley in his name. Can he title the house over to me without the mortgage? I do not have good credit. I do not know what to do!! My dad is very sick now, and we want to take care of everything now.. while he still can..Thanks!!
Icon Mini Profile smithsussane
smith.sussane




Joined: 18 Sep 2008

Posts: 10030
Location: Alaska
919.49 Dollars($)
Post Posted: Mon Oct 27, 2008 6:50 pm    Post subject:
Like 0
Dislike 0

Hi cure!

Welcome to forums!

Yes, the title of the house can be definitely transferred in your name. You can ask your father to sign a quitclaim deed in your name and include your name in the property. You have mentioned that you do not wish to have the mortgage in your name. If in future you decide to transfer the mortgage in your name, you will have to refinance it.

Feel free to ask if you have further queries.

Sussane
Icon Mini Profile jerry
jerry
Moderator



Joined: 17 Oct 2005



Posts: 2617
Location: MICHIGAN
415.55 Dollars($)
Post Posted: Tue Oct 28, 2008 2:23 am    Post subject:
Like 0
Dislike 0

Hi cure!

Sussane is absolutely correct in saying that you can include your name in the property by the help of a quitclaim deed. However, you should remember that if the property ownership is transferred in your name, the lender may ask you to refinance the loan in your name.

Thanks.

Jerry
Icon Mini Profile brian1
brian1
Community Expert
Community Expert

best lender badge

Joined: 14 Jun 2008



Posts: 448
Location: Northern California
15.61 Dollars($)
Post Posted: Tue Oct 28, 2008 9:15 am    Post subject:
Like 0
Dislike 0

what you may want to do is consult with a local atty
I am thinking adding you would be better than a pure transfer - add you as a joint tenant.
If he transfers it to you it could trigger the due on sale clause of the note.

Good Luck
Brian

_________________
Licensed Broker 50 states
http://www.aimwithfocus.com Live Chat available
Need quick advise email or PM Glad to help
Pre-approvals www.applyonlinesecure.com
Quick Reply
Your Name
Subject
Image Verification


Can't read the image? click here to refresh
Message body

All times are GMT - 7 Hours
Page 1 of 1

 
Highlights
Bookmark this page
Share |

Helpful References
Mortgage Guide
Mortgage Terms
Mortgage News
Book Center
Shop and Compare lenders
30 Yr. Fixed Vs. 5/1 ARM


Calculators     [View all]
Are you eligible for loan?
How much you can afford?
Calculate monthly payment
Calculate APR


Financial Tools
Credit Repair Tool New
Mortgage Planner
Simple Budgeting Tool


Our Community
MortgageFit Blog
Community Professionals
Community Rewards
Introduce yourself
Website tools


Community Rewards
Five simple ways to earn money with the Mortgage Community.

MortgageFit on Twitter

Followers (265)








Community Chat

We have chosen to apply the Creative Commons Attribution License to all works we publish. This work is licensed under cc by 2.0
Page loaded in 0.269 seconds.