My house is in foreclosure. can I put another home/parents paying in my name?

Asked by Alanna, Michigan Mon Apr 1, 2013

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Haig Istambo…, Agent, Rochester, MI
Mon Apr 1, 2013
Hello,

I need a little bit more information to answer that correctly. If you are asking can you get financing in your name and your parents will either be on that loan, or cosign for you, the answer is NO. If your parents are getting a mortgage under their name for a home for you, and you want your name on the deed, the answer is YES.

You can have a mortgage under one person's name and the deed can have different names on it. But if I were your parents, I would probably NOT put your name on the deed, there really is no need to. Why you ask? Because technically the lien holder on your home that is going into foreclosure can come after you legally for any deficencies and if a lawyer sees property deeded to you, it could cause your parents a headache.

I would speak to a lawyer to have all of the possibilities explained to you so you and your parents know the legalities of the actions you both take. I am not a lawyer and don't know the laws, so I would highly advise you to seek the advice of one.

I hope this gets you on the right track for some definitive answers.

Good Luck!

HAIG
(248) 379-6547
realtorhaig@aol.com
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