Home Selling in 78759>Question Details

Tomi Domingu…, Home Seller in 78759

Can I let my father take over my house payments? I only owe about $70,000

Asked by Tomi Dominguez, 78759 Tue Oct 18, 2011

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It doesn't matter who makes the payments. If you are trying to get out of the obligation you will need to have your dad refinance the property and you sign a deed to him.
1 vote Thank Flag Link Thu Nov 10, 2011
How's your relationship with your father?

Don's advice is good advice.
1 vote Thank Flag Link Tue Oct 18, 2011
Question was posted more than 3 months ago.
Web Reference: http://www.phgbrokers.com
0 votes Thank Flag Link Sat Jan 21, 2012
You'll always be responsible for your payments, unless you have an assumable loan. Best thing to do is check things out with your current bank. You could also get it ready for sale and reap the benefits of beautiful profits.
0 votes Thank Flag Link Sat Jan 21, 2012
Yes, your father can make the payments but it would be best if he gave the money to you and you made the payments.This way your credit is not at risk. Remember your name will be the one the note and if he defaults they will come after you, not your father.
Web Reference: http://www.blancadover.com
0 votes Thank Flag Link Mon Jan 9, 2012
Quick answer, Yes.

Is there risk involved, Yes.

You and anyone on the original note is ultimately responsible for the note, no matter what paperwork you draw or have drawn up.

Potential way out would be to have the person making the payments get qualified an buy you out with your original lien holder being paid in full.

For questions about your legal obligations, consult with "real estate" attorney.
0 votes Thank Flag Link Mon Dec 12, 2011
Dear Tomid123,
The bank does not care who the check is from, as long as the check clears and the mortgage is paid off. That said, do you want to sell him the home or just get a little help with payments on the short term? If you want to sell it to Dad get some help from a Realtor or Real Estate attorney. Would re-financing the property help you through a tight financial period? You should consider all of your options. Good luck!
0 votes Thank Flag Link Thu Dec 8, 2011
your dog can make the payments if he has the money. but only co-signers are legally obligated to pay if you cannot
0 votes Thank Flag Link Thu Dec 8, 2011
Your Father can certainly make the payments for you on your mortgage but you will still be the responsible party. If you mean you want your Father to take over the RESPONSIBILITY as well as making the payments then you need to refinance and transfer the property to your Father. This is really a question for your lender or a lawyer and not a real estate professional.
0 votes Thank Flag Link Tue Oct 18, 2011
You can allow anyone you want to take over payments. It doesn't relieve you of your obligations with the lender, but it won't stop you from allowing someone else to make the payments.

As an investor, I do this quite often, although it is usually for owners who are nearing foreclosure or are otherwise in a financial predicament. Typically, I just make up the back payments and then take over the note.

If things don't work out with your dad, I'd be glad to visit with you about taking over the note, providing you some cash and making up any missed payments.

Guy E. Gimenez
Investor / Broker
The PowerHouse Group
CMG Group, LLC
0 votes Thank Flag Link Tue Oct 18, 2011
Hi Tomid123,

Stop. What problem are you trying to solve? I need to know that before giving you a response. Remember, if you don't know where you're going, any road will probably take you there. What's the issue causing the question to be asked?

0 votes Thank Flag Link Tue Oct 18, 2011
You can but the note will be in your name still and you will be responsible. I would have your father pay you directly and then you continue to make the payment to ensure the payments are made on time. Your credit will be at stake and I have seen payments get missed all the time between family.

Don Groff
REALTOR® | Mortgage Broker
Keller Williams Realty | 360 Lending Group
o.512.669.5599 m.512.633.4157
0 votes Thank Flag Link Tue Oct 18, 2011
Sure can, will his name go on the deed? Is there any more to the story that you can share?


Jeffrey Nyland, REALTOR®, GRI, SRS, ABR
The Nyland Team
Prudential Texas Realty
512-626-8552 (Direct)
512-267-3640 (Fax)
Jeffrey Nyland TX AUC# 16644
Exceeding Expectations!
Web Reference: http://www.NylandTeam.com
0 votes Thank Flag Link Tue Oct 18, 2011
You can but I think it would be best to seek advice from a real estate attorney to know what your legal liabilities would be. Hope this helps.

Warmest Regards,

Vanessa Nunez
VOX Real Estate,LLC
0 votes Thank Flag Link Tue Oct 18, 2011
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