Posted on: 25th Jun, 2012 10:07 pm
My grandfather purchased a house which I've been making payments on. Before he died we did a right to survivorship. Now I can't get the house in my name because it's not appraising for enough. I can't get the house insured because it's not in my name. If I let the bank haveit back could they hold me responsible for the loan? My name is no where on the loan but the deed is in my name.
Hi papaboy!
Welcome to forums!
In order to get the property in your name, you don't need to appraise it. You can contact a real estate attorney and he will guide you in the process of getting it transferred in your name. If the loan is not in your name and if you let the bank foreclose it, then the lender won't be able to come after you for the mortgage payments.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
In order to get the property in your name, you don't need to appraise it. You can contact a real estate attorney and he will guide you in the process of getting it transferred in your name. If the loan is not in your name and if you let the bank foreclose it, then the lender won't be able to come after you for the mortgage payments.
Feel free to ask if you've further queries.
Sussane
Welcome papaboy,
If the deed is already in your name, then you don't need to add your name any further on the deed. Nevertheless, you can discuss the situation with a real estate attorney.
If the deed is already in your name, then you don't need to add your name any further on the deed. Nevertheless, you can discuss the situation with a real estate attorney.