Paying remainder of parent's mortgage loan
Posted 13 August 2009 - 06:10 PM
Okay, my mom has been asking me to pay off her mortgage loan since Dad loss his job 2 years ago. He loss an eye on the job ....he was a welder for a semitrucking company. They let him go once workers comp was done with him. Company said he wasn't capable of doing the job Don't get me started on that ....
Both are unemployed and have been living off their savings account since. The house has alot of equity but the value has gone way down. I want them to be okay, so I will pay it off. They have about $65K left to pay. I just got off the phone with her. She also wants to transfer the deed into my name. They live in MI. I live in CA.
How do I go about doing this? Do I need to contact an attorney in MI or CA? Can I just call the mortgage company and tell them I will pay off the loan, then do a quit claim?
Any legal advice is appreciated. Thanks!
Posted 15 August 2009 - 08:56 AM
Posted 15 August 2009 - 09:30 AM
I hope the post didn't sound like my parents are trying to use me in anyway. They've been trying to do this without help for awhile. Dad works odd jobs to pay the mortgage and they've rented out 2 rooms to help with expenses.
I contacted the mortgage company myself, and they said that was fine.........it was actually painless.
I decided to call my 2 brothers (I'm the oldest) and we will divide the remaining mortgage balance 3 ways ($21K each). My parents will still keep the house in their name. It didn't make sense to have it in my name and pay a higher property tax bill b/c of non-resident homestead. And I thought the property tax in California was high! This way, they can still be able to pay for everything else, and get some healthcare insurance.
Thanks again for the advice!
Posted 15 August 2009 - 09:50 AM
I'm glad it all worked out so well for you and your folks. Best wishes to all.
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