Posted on: 16th Feb, 2008 07:36 pm
hello, my dad and i found 5 acres of land and decided to buy it. my dad thought it would be best to put it in his name due to health problems that i have. so he took out the note on the land and put it in his name, and i have made all the payments to him. now something i never thought of happened, his health is going down really fast. i live on this land with my 7 year old son, and i am so afraid that if my dad dies we will lose the land. will a quit claim deed save this from happening? i sure hope there is something we can do to save our home. we only have a travel trailer on the land, but my son is doing great in the school, and a lot of work has gone into making this our home. i am not sure that we would have a home to go to, if we lost our land. i am disabled, and the only way i could afford to get any home for my son was with the help of my father signing the note. i could afford to keep making the note, but not sure the way this is set up that i will get the chance. thanks for any information you can offer.
Your dad should devise the property to you in a will. However, once he passes, this will likely accelerate the mortgage, which means you will have to pay it off by selling the property.
Your best bet is to contact the mortgage company now and see about assuming the mortgage and transferring title to the property into your name.
Your best bet is to contact the mortgage company now and see about assuming the mortgage and transferring title to the property into your name.
Thanks for the information. My dad has willed all his belongings to me in his will, but as you stated the land would have to be sold to pay it off. There is only 18 thousand owed on the land, and the mortgage company has no intrest in letting me take over the note. I am guessing it will just be a loss, and we will move on. I really do thank you for taking the time to respond. I try my best to look at life as things will work out, and this is just another test of my faith. Thanks and God Bless.
hi jody,
welcome to the forums.
i can understand what you're going through right at the moment. but it's good to see that you are optimistic and wish to move on with life.
you won't be able to save your home through the quitclaim because by doing so, you don't get rid of your obligations. if you decide to sell the home, that doesn't mean you your name on the loan. it's just that you are paying off the loan on your father's behalf.
as jheard suggested, if you can make alternative arrangement to stay somewhere else, then selling off the land to repay the loan does make sense.
how much is your loan balance by the way? is it possible for you to refinance and save the land?
welcome to the forums.
i can understand what you're going through right at the moment. but it's good to see that you are optimistic and wish to move on with life.
you won't be able to save your home through the quitclaim because by doing so, you don't get rid of your obligations. if you decide to sell the home, that doesn't mean you your name on the loan. it's just that you are paying off the loan on your father's behalf.
as jheard suggested, if you can make alternative arrangement to stay somewhere else, then selling off the land to repay the loan does make sense.
how much is your loan balance by the way? is it possible for you to refinance and save the land?
Well like I said it is a test of faith, and I guess things may work out. My dad became very sick, and the doctors couldn't find any reason for his illness. After ever fear that you can have about being homeless passed, I was able to calm down enough to do research on what could be causing my dad's illness. I found a very rare illness that fit everything my dad was going through. The doctors changed his treament, and are now testing him for this illness. Today I went into the hospital to see my dad, and WOW!, he looked so much better. The doctors were even able to cut back on his oxegen almost by half. It looks as though I will have more time to fix these other problems on the land issue. I will be selling a house that my dad owns, and use that money to pay off the land. Then I can put the land into my name, and all should be great. The balance is only 18 thousand, but I only get $650 a month to take care of my son and I, so needless to say, it wasn't going to work. Not out of the woods yet, but I at least see some light :) All that aside, I can't express enough how nice it was to find this forum, and have such nice people offering their knowledge to others in need. What a great world it really is. If only the media would show more of this side of life, more people might be able to see the light at the end of their tunnel as well. Thanks for all the advice, and for caring enough to take the time out of your lives to share with others. God Bless...
Hi Jody,
It's great to know that you're dad is getting better. Hope things become easy for you. So, hopefully you will be seloling property and paying off the land. Take the help of a good real estate agent, so that he can help you with the selling fast. And best wishes for your son's future. :)
Thanks
It's great to know that you're dad is getting better. Hope things become easy for you. So, hopefully you will be seloling property and paying off the land. Take the help of a good real estate agent, so that he can help you with the selling fast. And best wishes for your son's future. :)
Thanks