My father purchased a home for me. I paid the down payment, paid all the house payments for the past 10 years. because of my credit, I could not do so. He passed away 3 years ago, I still pay all the payments, and am up to date. I have fairly good credit. The house is still in his name, and he put me on the deed before he passed. I dont want to lose my house, and want to know if I can refinance the home, or do I have to qualify , and have the house put in my name. I am scared to open a can of worms. please help with a solution to the problwm.
It all depends upon how you are identified in title to the house on the Deed. if you are identified as a "joint tenant" you should be "entitled" to refinance. Will you have to "qualify"? Most certainly. Banks no longer give away money as in a few years past.
My condolences for the loss of your father.
I understand your fear about the "can of worms." It's true that the bank has a right to accelerate the note and demand full payment because of your father's death. In my experience, however, banks don't do this as a practical matter as long as payments are being made on time.
I see two issues here. The first is that there's a little disharmony in your statement that the house is in his name but that you were "put on the deed before he passed." The way lawyers see the issue, you can't be "put on" a deed, since all a deed does is convey an interest in property. (In this way, a deed is not like a car title, which proves ownership of property.) So the question is whether, before his death, your father deeded the house or some share in it to you. A lawyer could help you examine the deed work to determine whether this is so.
The second issue is whether a refinance makes sense. If the house is in your name, and you're happy with the terms of the loan right now, there may be no need to refinance, since the mortgage itself doesn't strictly need to be "in your name" in order for you to own the property. (I'll spare you the explanation why this is so.) If you find, however, that you need to refinance, the terms of the new loan will probably be based solely upon your own credit.
If you find that the title to the house is not yours, you will probably want to open an probate proceeding in order to make it so. I assume when I say this that you are your father's only heir. If that's not the case, other heirs may be entitled to a share in the house (or they may assign their rights to you).
Your father's estate need to be probated. It sound like it has not. The name on the deed can be change in that process.
Darrell B. Reynolds,
Attorney and Counselor at Law
2385 Lawrenceville Highway, Ste D
Decatur, Ga. 30033
404-636-6616
Your post contains a contradiction. You say you were put on the deed but the home is in his name and you want it in your name. Both cannot be true. I am guessing from your post that you have also failed to probate his estate.
This is a case where a lawyer needs to see the deeds, any will, and get details.
