My dad has our house under his name but when he leaves can he transfer the mortgage to me, his daughter?

Ok so my mom and dad had their names under the mortgage and my mom passed away so now it's just under my dads name. In the future my father is going to go back to his home country. And hes gonna leave me with the option of keeping the house or selling it. What do you think I should do, keep or sell and how will

Ok so my mom and dad had their names under the mortgage and my mom passed away so now it's just under my dads name. In the future my father is going to go back to his home country. And hes gonna leave me with the option of keeping the house or selling it. What do you think I should do, keep or sell and how will the procedure be like? I'm 22 right now so it won't be until I'm like 35. This house is essentially.mine as I pay for everything my dad just has iy under his name.

Best Answer:

girlk: The first question that pop in my mind is did your father have the property transferred to his name only after your mother died. It would depend on the state the property is located as to if probate is required.

Another thing would be the deed that your father and mother used to hold title to the property. This deed would determine if the property would transfer to your father or not.

If the property has not legally been transferred to your father, you need to have this done. The transfer of the property would prevent legal problems in the future.

Your father should do some estate planning. He would need to make a deed and perhaps a trust transferring the property to you. This would prevent future legal problems that might arise with you taking legal possession of the property.

Making a trust would leave the property to you in the event he dies or is unable to physically or mentally to conduct his personal business. Also in making a trust, no one is able to challenge a trust in court as they are a will.

There are also some tax advantages as in making a trust there is no inheritance tax. This would be the ideal means of estate planning. Also a will could be made in addition to the trust.

Your dad need not transfer the mortgage to you as long as he is alive. The mortgage company would not have a problem with who is making the monthly mortgage payment, so you are able to pay the monthly mortgage payments. According to your statement it appears as if you are currently paying the monthly mortgage, as you say you are paying everything.

If your father dies, you are not required to refinance the mortgage and the mortgage lender is not able to force you to do so.

If the house is left to you in a will or a trust, it is yours to do with as you see fit, once your father is deceased. You would have to see if this house would be a financial asset or a financial burden. You should make your
decision base on these factors.

I hope this has been of some benefit to you,good luck.


Other answer:

The legal way is much like a sale. If he sells it to you to cheap then part of it may be considered a gift and tax may be owed- but if you are anywhere close to actual value then you should be fine. If you have other individuals that feel they should get part of this house then they may could bring legal charges. You and your Dad will be better off if you can transfer ownership now. Your Dad could still live there. When a mortgage is transferred (assumed) the loan company requires fees and for you to qualify. It is usually much better for you to get a brand new mortgage.
If you can afford it and want to keep it, do – otherwise sell it. He can't transfer his mortgage to you, but can just leave the house and mortgage in his name and you can live there and make the payments. The lender won't care WHO is making the payments as long as SOMEbody does. Before he leaves, he should give you power of attorney for the house – then if you decide to sell, you'd be allowed to sign the paperwork without him signing. That would make the process easier.
You cannot transfer a mortgage. Before he leaves, you must be approved for
your own mortgage and your dad must have his lawyer change the name on
the title deed, to your name. Without that, you do not own the house.
Do you pay the mortgage (now) ?
when you get the house .. will the mortgage be paid off anyway
(even if he dies early / Life assurance policy – is it valid if he leaves the USA ??)

in general having a home is a good thing
As you are alread paying for it – it really should go into your name now.
-> it should reduce any death taxes,
in fact you might want to look at putting the property into 'both' your names now.
Then he still has a hold on it, but his loan (his contribution to the value) is still valid.

You can still be 'gifted' half of the property if he chooses (now)
and the remainder as and when he dies…

I'd go talk to a will attorney and get it all in order – especially if he is to die in another country, where their laws will also apply (if he was resident there at the time).

No. Mortgages are not transferable. You would have to go through the whole application process to ensure you can afford the payments and take out a mortgage in your own right.
he cannot transfer the mortgage – so he cant "leave it to you" OR give you the option of selling or keeping it

but YOU can apply for a mortgage and buy it from him (he uses the money he gets to pay off HIS mortgage)

Thing you MUST appreciate is – It is NOT "essentially yours" and NEVER will be until he dies, OR the mortgage gets paid off then he "gifts" it to you (but this could be difficult to do if he is living in another country, cos there might be tax implications in that country as well as the US)

the ONLY thing that matters is that if its in HIS name on the mortgage and HIS name the deeds then its HIS house and it dont matter a damn WHO pays the mortgage

My advice- go see about getting a mortgage to buy it from him
THEN you have the option of keeping or selling

hope in 13 years it is paid off and he can just sign a quit claim deed. if it is not paid off, house stays in his name with you as the tenant and you just keep paying the current mortgage. you don't actually need to get your own mortgage this way.

the only time a mortgage 'transfers' in the US is when the house is inherited. in that case the heir (only close family) can take over the mortgage

R P:
In the USA, mortgages cannot simply be transferred to another person. The person who wants to "take over" the mortgage must obtain his own mortgage and pay off the existing one. i.e. purchase the house from the current owner.
Linda R:
If the house is paid for…..then he can sell it to you for $1.
If there is still a mortgage on the home….then you will have to buy the house from him….then he can pay, what he owes, the mortgage off. Then, sell you the house for $1.

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