Legal Question in Real Estate Law in New York
Transfer deed
My question is this: My father gave me the house as a gift of equity with a balance of $280,000. Now I am looking to move and would like to transfer it back to him. He has poor credit so just refinancing it might not be the best option. I have heard of a way to just transfer the deed directly to him? And then what of the mortgage? Can the mortgage get transfered too?
1 Answer from Attorneys
Re: Transfer deed
You are responsible for paying the mortgage if it is in your name.
You are also probably under an obligation to retain title of the property in your name during the pendency of the mortgage.
However, you may be able to set up or transfer title to some type of "trust" or "life estate" for father's benefit and arrange for automatic payment of the mortgage, from your father's resources and account/s, that might not violate your existing obligations or offend your father.
Suggest that both you and your father immediately consult with an attorney to discuss all of your concerns and to "map out" your best course of action.
Good luck,
Phroska L. McAlister,ESQ
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