Posted on: 05th May, 2010 07:16 am
My husbands father financed a home for us in his name, we have ALL the receipts for everything from the original appraisal, deposit, down payment, every monthly mortgage payment, insurance payments, taxes, etc. in our name for the past 2 1/2 years. Can we assume this loan in our name? He is getting older and has other children who we fear may want to "fight" us for this home if something were to happen to him.
Hi angiem,
If the property deed mentions you and your father as the owner of the property, then your husband's siblings will not be able to come after the property. As far as the loan is concerned, you'll have to check out whether or not the loan is assumable. If the loan documents mention it as assumable, then you'll be able to assume the loan or else you'll have to refinance it.
Take care.
If the property deed mentions you and your father as the owner of the property, then your husband's siblings will not be able to come after the property. As far as the loan is concerned, you'll have to check out whether or not the loan is assumable. If the loan documents mention it as assumable, then you'll be able to assume the loan or else you'll have to refinance it.
Take care.