Legal Question in Real Estate Law in New Jersey

Changing Deed

The house my husband and I live in is in my father and mothers name, and it has a mortgage on it.We pay all mortgage payments and taxes on the property.We cannot get a mortgage in our name due to bad credit in the past.My father and mother want to deed the house over to us.Is this possible without having the mortgage put in our name.

Regards,

LLG


Asked on 4/13/03, 5:16 am

1 Answer from Attorneys
Miriam Jacobson Retired from practice of law

Re: Changing Deed

It is quite probable that any transfer of title would cause a default under the mortgage documents. It would be better to get the consent of the mortgage holder before having your parents transfer the property to you and your husband.

If you and he cannot qualify for a mortgage on your own credit, your parents will not be released from the mortgage obligation, and if you default in making the payments, the house could be lost and their credit would be impaired.

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Answered on 4/13/03, 2:24 pm


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