How to get my name on my dad’s mortgage title

Hi My dad is getting up in age 77 and not healthy. Should anything happen to
him, he wants to give me the house since I pay the mortgage and insurance for him
mom died 9 yrs ago-hes low income. We only have 14,000 left to pay. Bank said
we’d need to both apply to have my name put on. My credit isn’t great. What do
you suggest? Quit Claim? I don’t want the bank to take over the house upon his
untimely death. Please advise.

Asked on August 26, 2018 under Real Estate Law, Wisconsin

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 2 years ago | Contributor

You can't get on to the mortgage without the bank's agreement or consent, so if your credit is not good enough to be added to the mortgage, they simply don't have to add you. The mortgage is a contract between your father and the bank; a contract cannot be modified, including by adding another person to it, unless all parties--including the bank--agree to the change. All you can is try to make sure that you are in a position to pay the balance of the mortgage off (either in cash or by refinancing, if you have improved your credit by then) when your father passes.


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