If my father is no longer competent, is there some way for me to take over his mortgage?

He is unable to maintain the property.

Asked on July 26, 2015 under Real Estate Law, Colorado

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 5 years ago | Contributor

You can't take over the mortage unless the lender lets you, and they are unlikely to do so...lenders today tend to not let one party take over another's mortgage. However, you can:

1) Simply make payments for him if you like--the lender doesn't care where the money comes from.

2) If you have broad POA, including authority over his property and accounts, you could pay the mortgage from his funds... or potentially sell the property to yourself in a favorable transaction.

3) If there is no current POA, but you father is not competent, you should petition the court to have yourself appointed as his guardian--once you are, you can do the things described above in 2). Speak with an elder law attorney about how to do this.


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