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mragusa · May 23, 2009, 05:40 AM

I am buying a house from my parents. They took out an equity line on their house and bought this little place. It is titled in my name. I want to file some type of mortgage showing that I am the one repaying the equity line at the bank. Does anyone know how I would do this. Would I just file a "lease purchase agreement" form at the court house? I am in Pa.

ScottGem · May 23, 2009, 05:43 AM

Since you are not on the deed of your parents house, then you have no standing on their home equity loan.

What you can do, sign a promissory note agreeing to payback the amount of the home equity loan at the same terms.

mragusa · May 23, 2009, 06:50 AM

Scott, thank you for your answer so quickly. Should I file the form with the county to make it legit?

ScottGem · May 23, 2009, 07:10 AM

First, please don't start a new thread to ask a follow-up. I've merged your threads for you. In the future use the Answer This Question options for follow-up.

If you want to make everything aboveboard, you will sign a promissory note AND a mortgage. The mortgage is the security document that will filed against the property.

excon · May 23, 2009, 08:02 AM

Originally Posted by mragusa

I want to file some type of mortgage showing that I am the one repaying the equity line at the bank.

Hello mr:

Showing WHO, and for WHAT reason??

It won't help your credit rating, if that's what you're thinking. It WILL secure the property better for your parents, but that's all. I can't see that it would benefit you in any way.

excon