topic Re: Quick question in Mortgage Loans

Quick question

Anonymous — Thu, 21 Feb 2013 18:56:55 GMT

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?

Re: Quick question

Anonymous — Thu, 21 Feb 2013 19:12:45 GMT

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

Re: Quick question

StartingOver10 — Thu, 21 Feb 2013 19:16:21 GMT

^^ 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.

Re: Quick question

Anonymous — Thu, 21 Feb 2013 19:19:34 GMT

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

Re: Quick question

DallasLoanGuy — Thu, 21 Feb 2013 19:30:52 GMT

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

Re: Quick question

Anonymous — Thu, 21 Feb 2013 19:36:16 GMT

Ok thanks.. Ill post an update

Re: Quick question

StartingOver10 — Thu, 21 Feb 2013 20:10:50 GMT

@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?

Re: Quick question

DallasLoanGuy — Thu, 21 Feb 2013 21:42:59 GMT

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.

Re: Quick question

Anonymous — Thu, 21 Feb 2013 22:34:11 GMT

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

Re: Quick question

Anonymous — Thu, 21 Feb 2013 22:49:54 GMT

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

Re: Quick question

Anonymous — Fri, 22 Feb 2013 16:06:00 GMT

You can apply on your own if you qualify.

Should be an easy deal if you qualify since the home should have plenty of equity in it.