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Roger
Roger, Lawyer
Category: Real Estate Law
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Experience:  BV Rated by Martindale-Hubbell; SuperLawyer rating by Thompson-Reuters
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On 2/12/03 and on 3/28/05 my brother, purchased and

Customer Question

On 2/12/03 and on 3/28/05 my brother, James ***** ***** purchased and refinanced a home in his name in Atlanta, GA. For both, I, Beverly Walker Worrell served as his Power of Attorney. As far back as I can remember, I have paid the bank note directly to the bank holding the note at the time. (Usually through direct bank payments from my account to the bank holding the mortgage. It is clear that the payments are coming from my husband and my bank accounts over the years.
We would like to have the papers in our names (Johnny M Worrell and Beverly W Worrell) My brother is 100% in agreement. We were wondering if there were any other way for us to make the transition without purchasing. He is having some health problems and cannot afford to have the house as a liability in dealing with the Veterans
office, ect. We attempted to purchase it a couple of years ago but the value of the house was less than owed on it. The reason that we want to make this transition to our name is ***** ***** is not able borrow the money to fix the swimming pool and other repairs and unless the house is repaired we can't buy it. We have lived here since 1999. Is there an answer?
Beverly Worrell ***@******.***
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  Roger replied 1 year ago.

Hi - my name is ***** ***** I'll be glad to assist.

Your brother can deed the property to you, but the transfer would be subject to the outstanding mortgage. Usually, an assumption warranty deed is used to transfer the property and recite that the grantee/s are accepting responsibility for the mortgage loan. This doesn't change who is responsible to the lender in the event of a default, but it would give the grantor a contractual agreement (as part of the transfer deed) to enforce against the grantee/s.

Expert:  Roger replied 1 year ago.

The only other option would be to complete a traditional purchase of the house, which would require you to obtain financing and for the current loan to be paid off.

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