My uncle is currently buying the house we live in for 12 years now, but my father is the one making all the payments of the mortgage to Bank of America. So it's just like my uncle is getting all the credit he just gave his social and his name and all that stuff to buy a house. He did it to help my father out. So now that I can buy a house, I want to get out house on my name. I want him to pass it on to me. I need help, guide to what I need to do! Help please.

Thank you

Is your father willing? Is your uncle willing? Are you capable of getting a mortgage (good solid income for years and no debt)? Was a sizable down payment made by your father, or your uncle? Is it a 30 year mortgage?

If your father hasn't gotten a mortgage on his own all these 12 years, I'm sure there's a reason or he would have. So it isn't fair to say your uncle takes all the credit, when he is taking all the risk.

You can't 'pass a mortgage' along to someone (years ago something called an assumable mortgage was common, but now it's basically non-existent). Lenders make you start over.

Maybe you and your father could look into being co-owners.

I didn't mean like his taking te credit just meant everything is under his name, my dads brother helped him. But my father now wants to take this off his hands because it had couse him a lot f issues with the gov, because his two kids are disable so he wants help from the gov because he can't afford it himself, but since it shows he has a house here and payment are always paid makes him look like he doesn't need the help. But it's my dad making all the payments since day one. My father will be the one making the payments so I won't be worried about paying it. But I just want my uncle to have I guess his freedom back lol since he got this house he isn't able to get help Medicaid for his kids among other things. All I want to do is get this house under my name and if I'm able to that, I have very little credit and will It cost al

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Originally Posted by joypulv

Is your father willing? Is your uncle willing? Are you capable of getting a mortgage (good solid income for years and no debt)? Was a sizable down payment made by your father, or your uncle? Is it a 30 year mortgage?

If your father hasn't gotten a mortgage on his own all these 12 years, I'm sure there's a reason or he would have. So it isn't fair to say your uncle takes all the credit, when he is taking all the risk.

You can't 'pass a mortgage' along to someone (years ago something called an assumable mortgage was common, but now it's basically non-existent). Lenders make you start over.

Maybe you and your father could look into being co-owners.

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You have to buy the house from your uncle. Unless the bank is willing to assign the mortgage to you, then you have to obtain your own mortgage. You have to obtain a mortgage for at least the remaining balance of the existing mortgage.

At the closing, your lender pays off the existing loan and your uncle signs a deed over to you.

Your uncle can own an expensive house for his own residence and still get Medicaid, just not a second home. It has nothing to do with 'looking like he can afford payments.'

The bank probably isn't going to let you assume the mortgage, not even both of you. You can ask. And yes, there are fees no matter what, and they are pretty expensive, including a 'transfer tax' paid to the state.

I don't really see a solution. Your uncle needs to sell the house, whether to you or someone else, but whoever buys it needs to be able to get a mortgage.