Legal Question in Real Estate Law in New York
Transfer Names to Deed
I live in a house owned by my father-in law who lives in Florida. We have been paying the mortage on the house for the last 12 years. Because of health reasons he needs to transfer the house into our name. My wife and I would like to refinance but need to know if I qualify. I know my fico score.
How do I go about having our names added to the deed and should I apply for refinancing before I have my father-in laws name taken off the deed? By the way the monthly mortage is $715 per month and there is $75,000 left on the house. Market value is $200,000.
Peter
4 Answers from Attorneys
Re: Transfer Names to Deed
The current bank holding the mortgage will generally not allow a change in ownership without paying off the current mortgage.
Go to a few banks and speak to someone in the mortgage department. See if you qualify. If so, you and your wife can purchase your in laws' house.
The closing should cost no more than $500-$750.
If you have any questions, feel free to call at 914-478-2981
Re: Transfer Names to Deed
It actually is not so hard to transfer the name on the deed. If you are worried and feel it should be doon sooner than later, I would suggest hiring an attorney ASAP and have the process begin.
It maybe smarter to apply for a refinance and as a condition of the refinance a new deed would need to be filed.
I specialize in real estate, I would be very happy to discuss the above further and recommend a mortgage broker experienced in the above.
Savy Grant
201-646-9600
212-512-0515
Re: Transfer Names to Deed
The transfer can be part of the refinancing as if it were a sale.
You can call me at my office in Great Neck for a free consultation at 516 410 4001
Re: Transfer Names to Deed
Your father-in-law must execute and have recorded a new Deed putting your names as owners. In view of his health, I suggest making you the sole owner, but reserving to him a life estate to continue to live there. You can apply for the mortgage before the Deed is recorded, to verify your ability to procure it. You close the refinancing after the new Deed is recorded. There are several on-line credit agencies/mortgage brokers that you can check your scores to see if you qualify.
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