My father took out a second loan on a house and gave it to me. How do I change it to my name if I am paying it

Question

My grandfather paid off the house for my dad and then my dad took out the a loan for a second mortgage. When my grandfather died he gave me the house. The next mortgage payment is due in January. If I am going to be paying for this loan how do I get it out of my fathers name? And will I be paying off his credit? I was told that if the house had a deliquent tax then I could pay that and the house would be put in my name. This is confusing and I don't know what to do. Help me please...

Answer 1

You can do a "gift of equity loan" basically its a way for your dad to refinance and for you to take over for the price of the existing owed loan amount. Talk to a mortgage professional in your area to help you. Shouldn't cost you anything out of pocket. PAY THE TAXES that could really damage your fathers credit since he has the mortgage in his name. Also , make the payment with a check with your name on it. Not paying the mortgage can knock your fathers credit scores down 100 points. If theres a mortgage still on the house, it will have to paid, whether its in your name or his, don't hurt his credit in the process if you can help it.

Answer 2

I don't understand. If the house was in your grandfather's name and he left it to you, how did your father get a loan based on the fact that he owned the house? If you don't pay the delinquent tax, the house can be sold by back taxes. The delinquent taxes that were in your grandfathers name, should have been paid out of the estate. You need to set down with maybe the estate attorney and get this straightened out.

Answer 3

Honestly consult a lawyer

Answer 4

See a real estate attorney.

Answer 5

put your self on the deep of trust