Dear T.,

If you just want to take over the payments of the houses and keep the same mortgage in place, some will say that you can't do it. I recently talked with an attorney who said that it is still possible to take over a loan even if it is not assumable. Since you are here in Charlotte, I suggest that you call Dale Fussell who is a real estate attorney here in Charlotte. He should be able to do it for you. Tell him that I told you to call so he knows where you got this idea.

Let me know if I can be of any service to you in the future.

Have a blessed day!

Sara Rich
Rich Properties

Depending on the value of the house from an appraisal, you may be able to purchase with little or no money out of pocket. I've just done something similar. Talk with a couple of lenders about your options, and find out how much they'll require down. Some or all of the down payment could be a gift of equity. Be sure to also check with an accountant regarding tax implications, and with an estate attorney regarding any estate issues that may arise.

T,

I am not sure of the motivation. If you are trying to get the home in your name and do not intend to live there, you will be purchasing it as a non-owner occupied and it will likely require a 20% down payment. The lender will base the downpayment on the appraised value or sales price, which ever is lower. In this case the sales price would be $86,000 and you would need to put $17,200 down and there will also be standard clsoing costs.

If you are trying to put your father in law into a better situation and would like him to maintain ownership of the property, I would recomend you research reverse mortgages and find a lender in your area that specializes in them.

According to the Department of Housing and Urban Development (HUD): "Reverse mortgages are becoming popular in America. HUD's Federal Housing Administration (FHA) created one of the first. The Home Equity Conversion Mortgage (HECM) is FHA's reverse mortgage program which enables you to withdraw some of the equity in your home. The HECM is a safe plan that can give older Americans greater financial security. Many seniors use it to supplement social security, meet unexpected medical expenses, make home improvements and more. You can receive free information about reverse mortgages in general by calling AARP toll free at (800) 209-8085."

good afternoon ...assuming your credit and credentials work okay.....call a title/escrow company to handle the sales transaction for you..as a for sale by owner....write the deal up with a gift of equity from (has to be a direct relative) dad to son..include the closing costs and pre-paids......and the mortgage balance..as a lump sum..the gift would be the difference between what is owed, cc, etc.and what the home is worth.....also included any local or state transfer fees......go to a local lender to see if the deal needs to be written as an fha or standard conventioanl loan......you can probably close with a total out of pocket expense of one year's homeowner's insurance....best regards.bob mcclure- success mortgage partners- plymouth, michigan.....

Why wouldn't you just apply for a loan and purchase the property for that amount as you would any other home? It wipes out his balance and you now own the house...