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Ely
Ely, Counselor at Law
Category: Estate Law
Satisfied Customers: 101759
Experience:  Fully licensed attorney in Texas in private practice.
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My Dad wants to put his house in my name. He also has a 45,000

Customer Question

my Dad wants to put his house in my name. He also has a 45,000 mortgage on the house. Does the mortgage stay in his name?
Submitted: 1 year ago.
Category: Estate Law
Expert:  Ely replied 1 year ago.
Hello and welcome to JustAnswer. Please note: (A) This is general information and is not legal advice. No specific course of action is proposed herein. No attorney-client relationship or privilege is formed by speaking to an expert on this site. By continuing, you confirm that you understand and agree to these terms; (B) If you receive a phone call offer while we chat, know that this is an automated test feature the site is running. Due to possible ethical issues, the site allows experts not participate in phone calls and I normally decline them. Unless the phone call offer you receive literally states "THIS OFFER IS FROM ELY" (which means I personally initiated it), please do not entertain any such offer; and (C) there may be a slight delay between your follow ups and my reply while I am typing out my answer.
Not unless the lender agrees. Many lenders have an ACCELERATION CLAUSE which means that if the interest is transferred from the original owner to someone else, the loan is accelerated and everything must be paid. They never qualified you as an owner... only him. They may not want to refinance the property into your name. So before doing so, the lender has to be in agreement.
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Customer: replied 1 year ago.
what about a revocable trust?
Expert:  Ely replied 1 year ago.
Speculatively speaking - yes. Lenders have fewer issues with revocable trusts. However, you then face other challenges - see here.
But lenders generally have no issues with revocable trusts provided they are in the loop.
Gentle Reminder: Please, use the REPLY or SEND button to keep chatting, or rate positively and SUBMIT your rating when we are finished. You may always ask follow ups at no charge after rating.