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My Dad wants to put his house in my name. He also has a 45,000…

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my Dad wants to...
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: 2 years ago.Category: Estate Law
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Answered in 1 minute by:
6/24/2015
Estate Lawyer: Ely, Counselor at Law replied 2 years ago
Ely
Ely, Counselor at Law
Category: Estate Law
Satisfied Customers: 103,549
Experience: Fully licensed attorney in Texas in private practice.
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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 reply replied 2 years ago
what about a revocable trust?
Estate Lawyer: Ely, Counselor at Law replied 2 years 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.
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Ely
Ely
Ely, Counselor at Law
Category: Estate Law
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Experience: Fully licensed attorney in Texas in private practice.

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