Posted on: 21st Jul, 2008 12:47 pm
we are living in parents house and paying all the bills
including mortgage as if it were our house with the
intention of purchasing the house one we clear up some
things. We were told we should have our name added
to the deed to protect from losing the house in the
event something were to happen to my parents
before we were able to purchase it. Will adding our
name to the deed protect us from losing the house
if something happened to my parents
including mortgage as if it were our house with the
intention of purchasing the house one we clear up some
things. We were told we should have our name added
to the deed to protect from losing the house in the
event something were to happen to my parents
before we were able to purchase it. Will adding our
name to the deed protect us from losing the house
if something happened to my parents
welcome meshellh.
your father can quitclaim to add you on the deed but for that you will need to refinance the mortgage on your name? so can you refinance now? if not then your father can also use a ladybird deed. thus he will be the owner of the property as long as he lives sand you will get the property after his death. it will also help you to avoid the probate. to know more about ladybird deed, take a look at http://www.mortgagefit.com/know-how/ladybirddeed.html#lifeestate
hope this helps. let me know if you have any further queries.
your father can quitclaim to add you on the deed but for that you will need to refinance the mortgage on your name? so can you refinance now? if not then your father can also use a ladybird deed. thus he will be the owner of the property as long as he lives sand you will get the property after his death. it will also help you to avoid the probate. to know more about ladybird deed, take a look at http://www.mortgagefit.com/know-how/ladybirddeed.html#lifeestate
hope this helps. let me know if you have any further queries.