Legal Question in Real Estate Law in New York
My dad die the house is under my name but the mortgage appears under his and his wife name but me and my husband sing as security repayment of mortgage and the lenders promise to us as the ones on the mortgage it never happen lenders had change banks and is always and issue that neither my name or my husband's appear , but the deed is under my name , the house is in PA and we live in NY What can I do for this lenders to put our name in the loan as principals.?
2 Answers from Attorneys
You would have to refinance loan.
David is right. The easy thing to do is to take a loan out in your own name and pay off the old loan. There is no way for you to become the "borrower" after the loan has closed. Your Dad and/or his wife are on the promissory note and there is no way to substitute you as most residential mortgages are non-assignable for the borrower. Do it before they declare a default.
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