If my father has a mortgage on a home, can that home be deeded in only his children’s names?
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If my father has a mortgage on a home, can that home be deeded in only his children’s names?
If so, does the home become the children’s property upon his death?
Asked on August 31, 2015 under Real Estate Law, Michigan
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 9 years ago | Contributor
He cannot legally transfer clean title or ownership without paying off the mortgage and therefore if he did deed the property, the mortgage would go with the home and would need to be paid i.e. after being deeded, either the children or him would need to keep paying, and paid off entirely when he passes. If the mortgage were not paid, the bank would be able to foreclose. There is no way to elimiante the mortgage but by paying it.
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