Posted on: 26th Jun, 2009 11:18 am
I live in a home owned by my 88 year old father. He recently remarried. His new wife has tried to stop him from signing the house over to me as he had promised since the day he bought it 10 years ago. I have made every payment however and really want this resolved soon in case he passes away. I was told to try a joint tenancy deed. Would this accomplish what I am looking for? My father wants it to be a deed where if one of us dies, the other automatically gets full ownership of the home. Also, the loan is in his name only. If he passes away first, what happens to the loan? Do I have to requalify?
If either of the person whose name is there on the mortgage dies then in that case bank will continue to ask the payment from the co-owner of the house. and if he refused to pay the mortgage then bank may even go up foreclosing the house.
keep in touch.....
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keep in touch.....
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