02-21-2013 10:56 AM
Im moving into a new house next month.. The house is in my fathers name.. Would I need to apply for my own mortgage for the home or would they just switch it over into my name?
02-21-2013 11:15 AM - edited 02-21-2013 11:16 AM
^^ Are you buying the house from your Father or is he "gifting" you the house equity or is it a rental? As pointed out above, to have the mortgage in your name you have to 1) own the property and 2) apply and be approved for a mortgage. Your mortgage would pay off his mortgage.
02-21-2013 11:30 AM
see if the bank will do a loan mod to add you to the note.....
02-21-2013 01:42 PM
i guess they could assume it.
but i helped a friend recently work on a loan mod to take over her mom's house. mom had died, so maybe that was a different deal.
but certainly worth the phone call. much cheaper than a purchase.
02-21-2013 02:34 PM
My dad has the house because he mother died.. He has been making payments on it.. But he already has a house.. So he is letting me take over the payments.. Im going to call my bank and ask them about it
Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.† Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
* For complete information, see the terms and conditions on the credit card issuer’s website. Once you click apply for this card, you will be directed to the issuer’s website where you may review the terms and conditions of the card before applying. While myFICO always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms - and before applying you should understand the full terms of products as stated by the issuer itself.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.