Reply
Valued Member
Posts: 44
Registered: ‎08-13-2012
0

Quick question

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?

EQ 700 Trans 695 Exp 722
Regular Contributor
Posts: 146
Registered: ‎12-04-2012
0

Re: Quick question

They can't just transfer the mortgage into your name.  You'd have to apply and be approved for a mortgage.

Community Leader
Super Contributor
Posts: 6,473
Registered: ‎03-06-2010
0

Re: Quick question

[ Edited ]

^^ 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.

Valued Member
Posts: 44
Registered: ‎08-13-2012
0

Re: Quick question

Im buying the house from him.. It has about 4-5 years left on it

EQ 700 Trans 695 Exp 722
Super Contributor
Posts: 6,624
Registered: ‎07-03-2007
0

Re: Quick question

see if the bank will do a loan mod to add you to the note..... 

* While I try to visit the forum often, please feel free to contact me directly with a link to your post if I fail to answer a follow up question.

* Lending across the entire 'Great State of Texas' since 2004
Valued Member
Posts: 44
Registered: ‎08-13-2012
0

Re: Quick question

Ok thanks.. Ill post an update

EQ 700 Trans 695 Exp 722
Community Leader
Super Contributor
Posts: 6,473
Registered: ‎03-06-2010
0

Re: Quick question


DallasLoanGuy wrote:

see if the bank will do a loan mod to add you to the note..... 


Also Dallas, are FHA loans assumable with qualifying? Or is that what you mean by the above?

Super Contributor
Posts: 6,624
Registered: ‎07-03-2007
0

Re: Quick question

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.

 

* While I try to visit the forum often, please feel free to contact me directly with a link to your post if I fail to answer a follow up question.

* Lending across the entire 'Great State of Texas' since 2004
Valued Member
Posts: 44
Registered: ‎08-13-2012
0

Re: Quick question

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

EQ 700 Trans 695 Exp 722
Valued Member
Posts: 44
Registered: ‎08-13-2012
0

Re: Quick question

Spoke with someone.. They told me that It would have to stay in my dads name.. I would just apply as a joint applicant

EQ 700 Trans 695 Exp 722
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.
† Credit cards for FICO Score ranges: The score ranges are guidelines based on actual applicant approvals and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

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.