How do i put my parents house in my name?

Ralph
Parents moved out and are currently renting the house to me. We both would like for me to put the house in my name. My credit isn't too great because of student loans but I'm hoping that putting the house in my name will lower the monthly payments a little bit. I think they refinanced the house too much, so the rent is a little high. Then again, I don't really know much about real estate. What do I do in order to take over their mortgage?

Shella
Normally it is bad to do business with relatives and friends. If you insist on doing this transaction you should purchase the house from your parents subject to the existing mortgage.This will leave the mortgage in your parents name but transfer the title to the property to you, thus you will have to make sure the insurance and county taxes are paid each month unless they are added to the monthly mortgage payment.You should draw up a contract between you and your parents with the statement that you are purchasing the house from your parents subject to the existing mortgage. In this contract would be the sales price, the amount they are financing on your behalf, the monthly payments for the new mortgage they are carrying for you as outlined below.You would then need to take this contract to an escrow closing agent. This agent would open a title for you with a title company for this transaction.When the escrow close the property will be transferred to your name, a note will be made out and recorded with the county recorder's office of the county in which the property is located, in favor of your parents. The title company will record the property in your name.The way this work is suppose your parents are selling you the property for $125, 000. Now if the current mortgage owed on the house is $95, 000, they will have a note for approximately $30, 000 for you to pay.There will be a note and deed of trust made in your parents name for that amount to include interest and the amount of months or years they will allow you to pay them off for the $30, 000 they are letting you borrow on their house. Say they charge your 8.5% for the $30, 000 and that comes to a total of $285.15 per month that you owe them.Now for the sake of this argument say the current monthly mortgage payment is $725.25Now you take the current mortgage of $725.25 and the new mortgage you owe your parents at $285.15 per month and add the two together which comes to $1010.40 per month that you would have to send your parents each month.Once they received your check they would have to immediately make a check to the current mortgage holder for the amount of $725.25 and mail it to them.Failure on your part to make the monthly mortgage payment to your parents or keep adequate insurance or failure to pay the county taxes is grounds for your parents to foreclose on your home.This is the best way to do this if your credit is not all that great and you owe a lot of debts, especially student loans. Doing the transfer in this manner there is no need for a credit check nor refinancing the mortgage. If you are successful at making the mortgage payments for 12-24 months, you may then refinance the mortgage with another mortgage company. You might request from this mortgage company to use your mortgage history only as a basis for qualification for the mortgage refinance. If you have no late mortgage payments you not have a problem refinancing in this manner.You must produce evidence that you paid the mortgage so make sure you pay your mother with checks and the checks are clearly marked mortgage payment on each check. This way your bank statement will reflect the same amount each month or you may have to order your canceled checks, but I am sure your bank statements will suffice. The main thing to make sure of is that the bank account is in your name and no one else.I hope this has been of some use to you, good luck."FIGHT ON"

Min
One of the big things that lenders are looking at these days is your debt to income ratio. If you have more debt that you have income to pay for the debt, you will not be eligible for a mortgage. Get your ducks in a row and go talk to a mortgage broker/agent and see if you qualify for a mortgage. Then figure out approximately what your new payment will be (including taxes and insurance) and compare it to what your parents are paying now. That is really the only way to go forward with this. You wouldn't want to "take over" their mortgage even if you could (less than 1% of mortgages written in the US are assumable) because you just said their payments are too high.PS they wouldn't just be putting the house in your name - if you got the mortgage, you would be purchasing the home. Make sure you know all of the financial repercussions of doing that (ie, reassessment and higher taxes).

Inell
You will have to apply for a mortgage loan. Once approved, you need to write up an earnest money contract and take it to a title company. Your loan officer should help you jump through all the hoops since you will not have a Realtor. When you close at the title company, you will sign all the documents necessary for you to buy your parents house. You need to ask your parents to get a pay off statement from their mortgage company to know how much they owe. If they are not looking to make a profit, you need to find out from the title company what their closing costs will be so that you can add that to the pay off amount so that you can figure out what the sales price needs to be. If your parents did not owe anything on their house, all you would have to do is get a attorney to draw up a Warranty Deed, have them sign it and file it at the courthouse.

Leatha
You have to go to their or another mortgage company and apply for a mortgage.