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