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Can my Father transfer his mortgage to me (his son)?

Lake Charles, LA |

Dad will most likely lose the home if he is unable to transfer the mortgage to me due to lack of employment. Not sure if the mortgage is assumable or not, but did see a few stipulations in US Code that states this situation is possible.

I would like the mortgage to be in my name for insurance and tax purposes. But at last resort I will have to just pick up the payments for him and keep my other mortgage.

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Attorney answers 1


A mortgage is a legal right, granted by your father to the mortgage company. It really is a bundle of rights contained in the instrument filed in the mortgage records of Calcasieu Parish. One of the rights it does not contain is a right for him to transfer it. The mortgage company may agree to transfer it but usually will not. Some loans contain the right for a subsequent purchaser of the property to take over the loan. The most common type would be a Veterans Administration loan. To qualify to assume this type of loan, you would have to meet some of the same qualifications, such as being a veteran. You can contact the lender to see if he has this type of loan. If not, you may be able to purchase the property from him and obtain your own loan. If this is not possible, you could simply make his loan payments for him. If you agree to do this you should have an agreement in writing, even if it is with a family member. It helps prevent misunderstandings and bad feelings later.