Legal Question in Real Estate Law in New York

Hi,

My father bought a house in 2003 for 425K with 50k down payment. He is the sole owner on the deed and on mortgage too. Around 2007 he took out equity loan for around $75K.

Now he is struggling to make these payments and he is asking me to contribute to it otherwise the house will go for foreclosure..

I would like to help but would like to have a share in the property too; he is telling me that if he put my name on the deed then the mortgage will have to be in my name too. Since I recently started my first professional job I don�t think bank will approve me for such a big loan amount.

Secondly, even if I help him out and 6 months from now he decided to sell the house I am left with nothing!

So how can I get any legal representation in the house so it can not be sold without my knowledge?


Asked on 4/11/14, 11:34 am

1 Answer from Attorneys
Kevin Connolly Kevin J. Connolly

Depending on the bank, there are things that can be done "conventionally," to add you to the title. And there are other possibilities in terms of precluding Dad from selling the house out from under you. Leasing is one possibility. You need a real estate lawyer to advise you. See kevinjconnollylaw.com for my credentials.

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Answered on 4/11/14, 3:41 pm


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