Consumption and Real Estate
how does my father transfer his homestead which still has a mortgage payment to his disabled child”?
Question : how does my father transfer his homestead which still has a mortgage payment to his disabled child”?
my father has been in residential care for a year
homestead mortgage
Best answer:
Answer by Caveat Emptor
He can’t unless the loan is refinanced into the new owner’s name.
Actually the bank/mortgage holder has rights to the property, and he cannot change title unless he pays off the mortgage. Best he might do is to change title to his name “as trustee for” child name – probably needing lender’s approval. He would have to see an attorney about this, as well as negotiations with lender, if this is possible in his state.