how do i get my name added to my house that i bought under my sister name?

Asked by Susan, 11236 Fri May 11, 2012

I bought a house back in 2010, my credit score was 710 and i was approved at first until the invester thought i was purchasing as an investment because at the time i worked in CT and lived in NY. So the mortgage lender advise me to put in my sister name and transfer it later. That is what i did now i will like to add my name to the loan. how do i do that and will there be a cost?

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Anna M Brocco, Agent, Williston Park, NY
Fri May 11, 2012
Is the morgage assumable, if so, consider consulting with an attorney who specializes in real estate; or discuss your options with the lender.....
1 vote
I know it is an FHA loan with contour mortgage that was sold to Wells fargo.
Flag Fri May 11, 2012
I am not sure if the mortgage is assumable, but I pay the mortgage everymonth with my check. I will contact the bank and find out. thank you
Flag Fri May 11, 2012
Annette Levi…, , New York, NY
Tue Jul 3, 2012
Conrad, if Susan adds her name to the deed, the mortgage is due.
Susan, Your best bet is to do a FHA which will allow your sister to sell to you the house for the full value and give you a gift of equity for the difference between the sales price and the mortgage payoff. You can also get a gift of equity for the closing costs (if there is enough equity). At the closing your lawyer will arrange for the transfer in the deed. The title company will file it for you.
I would suggest you use a different real estate lawyer. It is not uncommon for someone to live in NY and commute to Ct even if it is Canarsie.
0 votes
Conrad Higgi…, Agent, BROOKLYN, NY
Tue Jul 3, 2012
Hi Susan

The question I would like to ask you is how concern are you with your name on the "Loan"? Many people get caught up in loans when true ownership come from the Deed for the home. It is very easy to add your name to a Deed (estimately about $300-500 through an attorney) then deal with the hasstle of adding it to the loan. Once your name is on the Deed she can't do anything to the house without you knowing. This would be another option, you can later refiance her name off from the loan if you alone is able to carry the loan by yourself . Also If memory serve me correct and I don't know if this is still in play, but she can even sell you the home back for the amount that is currently owed on the loan. You would have to get a loan to make that process work. This is all base on your name NOT being on the DEED and on the existing Loan.

0 votes
Mitchell Fel…, Agent, Brooklyn, NY
Sun May 13, 2012
Dear Susan:

You need to speak to the bank who holds the mortgage about that and also hire an attorney to help you and make sure there are no mistakes. Use an attorney who specializes in real estate! Good luck!

Mitchell S. Feldman
Associate Broker/ Director of Sales
Madison Estates & Properties, Inc.
Office: (718) 645-1665/ Cell: (917) 805-0783
0 votes
, ,
Sun May 13, 2012
The only way I know of of to get your name on the loan is to refinance the loan, which may be to your benefit given the drop in interest rates since 2010.

If you just want to get on the deed, have your sister Quit Claim on to the title. Ask your local title company for help on this. Also, as was suggested, using an attorney is also a good safeguard.

Good luck,

Roswell Moore, CMPS
Certified Mortgage Planner
480-422-5095 direct

We are a Direct Lender, Mortgage Bank where we originate, process, underwrite, fund, AND SERVICE our loans, in-house, with FHA (starting at a 580 score AND still only 3.5% down), FHA Streamline loans (NO minimum credit score, NO appraisal required) Go Green rehab loans, HomePath, Investor Friendly (10 financed properties), VA, USDA, Jumbo, Conventional, plus, we allow Escrow HoldBacks!
0 votes
Madeline Pad…, Agent, Brooklyn, NY
Sat May 12, 2012
Hi Susan
Call the attory you used for closing first, ask for advice. Yes there will be a charge. Are you trying to add your name to the deed? or the mortgage or both? The deed is easy..the mortgage if your are paying it then just get some kind of legal agreement made with you and your sister through an
(your) attorney.

If its assumable its easier was it FHA most of them are assumable. If all else fails, get preapproved first and then refinance in your own name, but you will have closing costs again
and other fees, have your sister gift it to you for a minimum amount. Again, consult your attorney.
Good luck.
0 votes
My NC Homes…, Agent, Chapel Hill, NC
Sat May 12, 2012
You're going to have to speak to the lender and probably an attorney. Getting your name on the mortgage is not likely to be anywhere near as easy as the mortgage lender led you to beleive. I migh even go as far as to say that when they gave you this advice that they had either flat out lied or simply just taken a stupid pill. I beleive you're going to have to refinance your home. The good news (if you want to look for a bright side) is that interest rates are probably lower now then when you bought the house in 2010.

If your name isn't on the Deed, then you'll need an attorney. This is a much simpler process and should cost less than $150.

I wish you good luck and hope I'm wrong about the mortgage.
0 votes
George Capel…, , Brooklyn, NY
Sat May 12, 2012
You will need to speak with your lender and find out what they will require to put your name on the mortgage.It can be as simple as signing some docs and filing them or doing a new mortgage. You may wish for your attorney to handle it and he can do all the details. Be patient because my friend is doing the same thing and they started it 7 months ago. The lender works at their own pace.. So have fun and be patient.. Good luck... George

PS.. If your thinking about putting your name on the deed.. Be aware that could trigger the mortgage being call due and forcing you to refinance the whole mortgage immediately and that could be expensive depending on the amount of the mortgage.. Ask Your Attorney !!!!!!
0 votes
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