How can I transfer property of a house without geting a morgage changed?

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How can I transfer property of a house without geting a morgage changed?

My mother-in-law does not want anymore her house problems. The house is on positive cash flow as of now. I do not have the money to buy the house. And the house right now is under the value she own the bank. Can I open with her a living trust and start doing the payments on the house, in her place. With the understanding that when she passed away this will be my house?

Asked on April 30, 2012 under Estate Planning, California

Answers:

M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney

Answered 9 years ago | Contributor

What you are doing here is a bit of estate planning which is good.  However, with out knowing a little more about other assets and beneficiaries that could inherit the house as well this is not the place to give advice.  A trust can indeed be a good estate planing tool and those that inherit a house are entitled to keep on paying the mortgage without transfer in to their name and with out forclosure by the bank based upon the acceleration clause.  Please seek legal help.  Good luck.


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