Posted on: 05th Jun, 2009 11:37 am
My Father is getting very ill, He has a mortgage in his name and the title is in his name. My family wants me to put the title to the home in my name, will I be responsible for property taxes ect? Taxes and Insurance are included in his mortgage.
Guest,
Welcome to the forum.
If you transfer the property in your name, then you are responsible for the property taxes. But that does not mean that your father cannto pay for it.
Taxes and Insurance can be included in your mortagge. That requires you to set up a Escrow account.
Good luck and feel to ask
Realgeni
-Good credit is easy to achieve, as long as you use it responsibly.
Welcome to the forum.
If you transfer the property in your name, then you are responsible for the property taxes. But that does not mean that your father cannto pay for it.
Taxes and Insurance can be included in your mortagge. That requires you to set up a Escrow account.
Good luck and feel to ask
Realgeni
-Good credit is easy to achieve, as long as you use it responsibly.
Hi Guest,
I agree with Realgeni. If the title is in your name, you will have to pay the property taxes. Now, if you have an escrow account with your lender and you keep contributing to this account through your monthly mortgage payments, you do not have to pay the taxes separately. As far as the transfer of title is concerned, you can get either a quitclaim deed or a Warranty Deed signed by your father to get the title in your name.
I agree with Realgeni. If the title is in your name, you will have to pay the property taxes. Now, if you have an escrow account with your lender and you keep contributing to this account through your monthly mortgage payments, you do not have to pay the taxes separately. As far as the transfer of title is concerned, you can get either a quitclaim deed or a Warranty Deed signed by your father to get the title in your name.