Posted on: 15th Apr, 2010 06:23 am
we have a house that my dad left us in his will the deed was transferred to me and then later when we were trying to refinance we needed to transfer the deed to my husband and i but the mortgage is still in my dads name and the payments are too high, we have tried to refinance, the bank suggested that in order to keep his interest rate that we leave it in his name and just do a modification but after we aggreed and started that process the bank then told us that they do not do modifications , any ideas on what we can do. we never knew that the bank needed to okay the deed changes , we simply went to a title company and had the deeds done. is the fact that the deed is in our names and the mortgage is in my dads name going to hurt us?
Hi Jen!
Welcome to forums!
The lender will always want you to refinance the loan in your name after the property is transferred to you. You'll not be able to modify the loan unless your name is mentioned on the mortgage docs. I don't think the fact that the loan and the deed are in different names, will hurt you. You should try to refinance the loan in your name immediately.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
The lender will always want you to refinance the loan in your name after the property is transferred to you. You'll not be able to modify the loan unless your name is mentioned on the mortgage docs. I don't think the fact that the loan and the deed are in different names, will hurt you. You should try to refinance the loan in your name immediately.
Feel free to ask if you've further queries.
Sussane