I am not a google researcher, but I have a lot of experience in the
mortgage industry. What you need to do (since the house is not paid
off) is contact the mortgage company that you have the mortgage with.
Ask them about having an "assumption" completed. Sometimes, they will
also refer to this as a "family transfer" You will need to "assume"
the property from your father, as apposed to a quit claim deed. The
mortgage company will have forms for you to fill out and you will need
to be able to qualify for the outstanding debt you will incur due to
the swap from your dad to you. A quit claim deed is used to add/remove
someone from the title/deed of the property in question. But, the quit
claim deed will not transfer the debt from your fathers name to yours.
Sometimes, if you cannot complete the assumption, the morgage company
may tell you the only way to get the property is to refinance,
specifically if the loan is a FHA/VA loan, or it may just depend on
your mortgage companies requirements. (Especially if you dont qualify
for the family transfer/assumption) If the loan is in your fathers
name, and the title is as well, if (sorry to bring this up) he passes
prior to the transfer, it will cause you more headaches, to be honest,
you may not have rights to the property at all. Unless, of course, his
will specifically states the house in question is willed to you at the
time of his death and/or you are the executor of his estate. Its in
your best interest to call the mortgage company to hash this out and
get the transfer done before its too late. Otherwise, whomever is in
charge of his estate (at time he passes) will be the one in charge of
handling his financial affairs. that includes dealing with the
mortgage company and deciding if you continue to live in the house/pay
the mortgage off. You dont want to get booted out of the house you
have litereally been paying for all this time just because your dad's
info is what is on file. Hope this helps and good luck! |
