Posted on: 10th Sep, 2009 07:39 pm
Hello..
my parents are having financial issues and are struggling with paying their mortgage at such a high interest rate. How would I transfer the house/mortgage to me and my sisters to get a lower interest rate and not be financially responsible for repaying the loan. In other words, can my name be on the loan and my parents continue paying it but if they default I will not be responsible for the loan? Thanks
my parents are having financial issues and are struggling with paying their mortgage at such a high interest rate. How would I transfer the house/mortgage to me and my sisters to get a lower interest rate and not be financially responsible for repaying the loan. In other words, can my name be on the loan and my parents continue paying it but if they default I will not be responsible for the loan? Thanks
That would really difficult
Once your name goes on the loan you are responsible to pay the loan. If your partnets stops makign payments you will be held liable
Once your name goes on the loan you are responsible to pay the loan. If your partnets stops makign payments you will be held liable
you want to have best of the both world.an apple to eat and to keep as well, but in reality it will not work.if you want to refinance the mortgage on your name then you will be legally responsible for the payments.
Hi tanzillo,
I agree with Clive. You will not get all the benefits at a point of time. Your parents can sign a quitclaim deed and transfer the property to you. You can then very well refinance the mortgage in your name and your parents can pay off the dues on your behalf. However, once you refinance the loan, you would solely become liable for the mortgage dues. If your parents default the payments, your credit would be affected.
Thanks
I agree with Clive. You will not get all the benefits at a point of time. Your parents can sign a quitclaim deed and transfer the property to you. You can then very well refinance the mortgage in your name and your parents can pay off the dues on your behalf. However, once you refinance the loan, you would solely become liable for the mortgage dues. If your parents default the payments, your credit would be affected.
Thanks