Switching loan into my name

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Switching loan into my name

Hello, in 2006, my current house was purchased with a loan in my mother in laws name. My husband and I are trying to now get the loan in our name and out of hers, however we do not know where the loan is at, or what we need to do. She will not tell us anything about it. We pay her a monthly payment and have since 2006 for the house payment.

Asked on May 2, 2019 under Real Estate Law, Indiana

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 2 years ago | Contributor

You cannot get an existing loan switched from another person's name to yours, unless the lender agrees to let you do this, and in my experience they never let you do this--they want the existing loan paid off, either in cash or by refinancing it (new loan) in  the new person's name. This is because the loan is a contract, and like any other contract, the consent or agreement of all parties to it, including the lender, is necessary to change it, such as changing who is responsible for it.
You can enforce whatever agreement you had with your mother-in-law: if the agreement, when you and she bought the house together, was that she would let you refinance the loan in your own name, if she won't voluntarily provide the information to do so, you could sue her for breach of contract to make her do so.
Or if the agreement was you'd pay her and she'd pay the loan, if you have reason to think she is not doing so, is chargin you more than you agreed to pay, or otherwise violating what you and she agreed to, you could again sue her for "breach of contract" and, in the lawsuit, will have the opportunity to get the information you seek. If once you have it, it looks like she is in fact violating the terms of your agreement, you could seek compensation from her or a court order requiring her to do something.
If you wish to explore the route of suing your mother-in-law to enforce the agreement, speak with an attorney.
The key is, you can enforce the agreement; you must have reason to think she is violating it to take legal action.


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