How do I put my name on a house deed along with the person who holds the mortgage?
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How do I put my name on a house deed along with the person who holds the mortgage?
I bought a house from a relative who is holding the mortgage for me. There is a bank loan on the house (1/2 of my payment) and then the other half I pay directly to the relative. Is there a way to put my name on the deed even though there is a loan against the house that isn’t in my name? The main reason for wanting this is because even though I paying for all of the house (taxes too) there is nothing in writing saying that I legally am responsible for the house. The relative that I bought it from is elderly and I don’t want to be left out in the cold were something to happen to her.
Asked on July 20, 2011 Pennsylvania
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
Legal title to a real property's ownership of record and the obligation of a person under a mortgage secured by that real property are two different things.
If legal title is not in your name to the property that your elderly relative is making payments on to the mortgage company, you need to have prepared a written contract to buy the property preferably by a real estate lawyer stating the terms of purchase and any assumption of the mortgage in place by you. Escrow is typically set up where the seller signs a deed placing the property in your name which is recorded making you owner of record.
You need to see if the current mortgage can be assumed by you by contacting the mortgage company. If it is assumable, make sure you get something in writing from the mortgage company saying you can assume the loan and make payments on it as the new owner. If the mortgage is not assumable, you might have to get your own loan to pay off the existing mortgage so you can buy the home from your relative.
Good luck.
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