Switching loan into my name
Get Legal Help Today
Secured with SHA-256 Encryption
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
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.
IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.