NationStates Jolt Archive

I bought a house last year, and it's just in my name. I wanted to keep my husband free and clear, because I knew he wanted to help his mom buy a house. He is in the process now of doing just that.

What he is worrying about is this. He wants to transfer the title of the house to his mom, and let his parents assume the mortgage, which would be equivalent to the rent they are currently paying. He doesn't trust his dad with the title...wants just his mom to have it. However, she's never worked, and the bank won't let him do this. He's afraid he's going to be stuck with the title (and possibly the mortgage) forever, which might screw us up later if we want to buy another house.

Is there any way around this? Can his parents assume the mortgage and get joint title? My husband's father suffers from depression, and we're afraid he might just suddenly one day decide the sell the house...we want to make sure that can't happen, but we also don't want to be stuck with this on our plate for all time.

Suggestions?

Not being a smart ass here, but maybe you should contact a lawyer who specializes in property and contract law. If you're buying a house and your husbands involved in buying one, you guys have enough money to go sit down and get some legal advice.

Situation is too important to rely on anyone in these boards who pretends to know the answer to your problem.

Not being a smart ass here, but maybe you should contact a lawyer who specializes in property and contract law. If you're buying a house and your husbands involved in buying one, you guys have enough money to go sit down and get some legal advice.

Situation is too important to rely on anyone in these boards who pretends to know the answer to your problem.
True enough...but frankly, it's a situation we're kind of honour bound to go ahead with regardless. I'm just hoping for some confirmation that things will not be 'worst case'. We will be talking to a lawyer...but the appointment is not until next week. :(

I bought a house last year, and it's just in my name. I wanted to keep my husband free and clear, because I knew he wanted to help his mom buy a house. He is in the process now of doing just that.

What he is worrying about is this. He wants to transfer the title of the house to his mom, and let his parents assume the mortgage, which would be equivalent to the rent they are currently paying. He doesn't trust his dad with the title...wants just his mom to have it. However, she's never worked, and the bank won't let him do this. He's afraid he's going to be stuck with the title (and possibly the mortgage) forever, which might screw us up later if we want to buy another house.

Is there any way around this? Can his parents assume the mortgage and get joint title? My husband's father suffers from depression, and we're afraid he might just suddenly one day decide the sell the house...we want to make sure that can't happen, but we also don't want to be stuck with this on our plate for all time.

Suggestions?

I think a joint tenancy would accomplish what you are looking for as no-one is going to by half a house, but I am not sure of the specifics.

Why does your husband need to transfer the title though? Can't he just keep it regardless.

I think a joint tenancy would accomplish what you are looking for as no-one is going to by half a house, but I am not sure of the specifics.

Why does your husband need to transfer the title though? Can't he just keep it regardless.
I suppose. It's a symbolic thing...he doesn't want his mother to feel that he is holding the title over her head...since they will in fact be paying for it, it's only right that they own it in name.

We're not out and out buying them a house. They don't have sufficient credit to do it themselves, even though they pay the same amount as their mortgage payments will be, in rent. Nor did I out and out buy my house. I think some people are assuming this means we are really well off. Don't be fooled. My house is only worth $90,000, and I won't own it for many years to come.

Another alternative would be to set up a company that manages the house. Technically, the company is the legal owner and has it's own line of credit and it's the company who's making the payments. Your boyfriends parents would be tenant of 759353 Canada Inc. and your boyfriend should be in held liable only for his stocks in said company.

That, however, is costly. Setting a business, even if only in names, can go up to 2000$ with all the paperwork. And even when set up, the bank can ask your boyfriend to co-sign the loans and so forth and becomes liable just as much as the company.

Just to be clear, I'm just giving you the information. I'm not advocating anything.

My suggestion is to kill your mother-in-law, and cook and eat her corpse!

I know, I know, that won't help with your situation. It's just what I would do.

I bought a house last year, and it's just in my name. I wanted to keep my husband free and clear, because I knew he wanted to help his mom buy a house. He is in the process now of doing just that.

What he is worrying about is this. He wants to transfer the title of the house to his mom, and let his parents assume the mortgage, which would be equivalent to the rent they are currently paying. He doesn't trust his dad with the title...wants just his mom to have it. However, she's never worked, and the bank won't let him do this. He's afraid he's going to be stuck with the title (and possibly the mortgage) forever, which might screw us up later if we want to buy another house.

Is there any way around this? Can his parents assume the mortgage and get joint title? My husband's father suffers from depression, and we're afraid he might just suddenly one day decide the sell the house...we want to make sure that can't happen, but we also don't want to be stuck with this on our plate for all time.

Suggestions?

Does your Husband have any siblings that can take the title? Not sure how it works in America but here My parents names are on the mortgage,so from my understanding they both own the house. Legally I don't think that your Father-in-Law could just sell the house from under her especially if he was mentally unfit (no disrespect to him) to make such a decision. I'm not a solicitior tho

I suppose. It's a symbolic thing...he doesn't want his mother to feel that he is holding the title over her head...since they will in fact be paying for it, it's only right that they own it in name.

We're not out and out buying them a house. They don't have sufficient credit to do it themselves, even though they pay the same amount as their mortgage payments will be, in rent. Nor did I out and out buy my house. I think some people are assuming this means we are really well off. Don't be fooled. My house is only worth $90,000, and I won't own it for many years to come.

Actually, I am not sure why the title couldn't just be in the mothers name, even if both the mom and dad are required for the mortage. Why would the bank care who it was titled to, they still have their security. Maybe it'll just be a matter of finding the right bank.

Suggestions?

Well isn't that fascinating ...

In Texas, regardless of whose name the property is in, it is community property in a marriage situation (unless it's inherited property) and that means there's never a problem putting property in just one of the spouse's names.

I see you'll be meeting with a lawyer. That'll help. I can't.

I bought a house last year, and it's just in my name. I wanted to keep my husband free and clear, because I knew he wanted to help his mom buy a house. He is in the process now of doing just that.

What he is worrying about is this. He wants to transfer the title of the house to his mom, and let his parents assume the mortgage, which would be equivalent to the rent they are currently paying. He doesn't trust his dad with the title...wants just his mom to have it. However, she's never worked, and the bank won't let him do this. He's afraid he's going to be stuck with the title (and possibly the mortgage) forever, which might screw us up later if we want to buy another house.

Is there any way around this? Can his parents assume the mortgage and get joint title? My husband's father suffers from depression, and we're afraid he might just suddenly one day decide the sell the house...we want to make sure that can't happen, but we also don't want to be stuck with this on our plate for all time.

Suggestions?
Your husband can sell the house to his mother and father jointly. They will both have to sign if they ever want to sell it if both names are on the title.

My suggestion is to kill your mother-in-law, and cook and eat her corpse!

I know, I know, that won't help with your situation. It's just what I would do.
Actually, I love my mother-in-law...it's the father-in-law I could do without. But I still wouldn't eat him.

Does your Husband have any siblings that can take the title? Not sure how it works in America but here My parents names are on the mortgage,so from my understanding they both own the house. Legally I don't think that your Father-in-Law could just sell the house from under her especially if he was mentally unfit (no disrespect to him) to make such a decision. I'm not a solicitior tho
He doesn't trust his sister either:). Not with something that important.

Actually, I am not sure why the title couldn't just be in the mothers name, even if both the mom and dad are required for the mortage. Why would the bank care who it was titled to, they still have their security. Maybe it'll just be a matter of finding the right bank.
That's kind of what I thought...I mean...people deed their homes to their CAT for Christ's sake....

Well isn't that fascinating ...

In Texas, regardless of whose name the property is in, it is community property in a marriage situation (unless it's inherited property) and that means there's never a problem putting property in just one of the spouse's names.
Which would work if my husband were married to his mother....but this ain't Arkansas:).

Your husband can sell the house to his mother and father jointly. They will both have to sign if they ever want to sell it if both names are on the title.
But they would have to get a loan to be able to buy it, wouldn't they? And that is the problem..they wouldn't qualify on their own.

He doesn't trust his sister either:). Not with something that important.

Well maybe he will by the time you want to buy another house. Putting it in your cats name is always good...or I offer my name to you if you want.

How much is the house worth(innocently asked) :D

Which would work if my husband were married to his mother....but this ain't Arkansas.

For which you should be very very thankful.

But they would have to get a loan to be able to buy it, wouldn't they? And that is the problem..they wouldn't qualify on their own.

Couldn't your husband just act as a co-signer/guarantor? Then have the title transferred solely to his mother.

Couldn't your husband just act as a co-signer/guarantor? Then have the title transferred solely to his mother.
Only works if the co-signers have a financial leg to stand on. They don't. Even though they've paid their rent every month for 14 years. And she in particular has absolutely NO credit...nothing is in her name. They laughed when we suggested cosigning with her. They said that financially, she doesn't exist.

Kind of scary actually...my mom would be in the same position. Which is why I have made sure I DO have my own credit.

Only works if the co-signers have a financial leg to stand on. They don't. Even though they've paid their rent every month for 14 years. And she in particular has absolutely NO credit...nothing is in her name. They laughed when we suggested cosigning with her. They said that financially, she doesn't exist.

Kind of scary actually...my mom would be in the same position. Which is why I have made sure I DO have my own credit.

so they won't let you do it even on the strength of you and yoour husbands credit? Wow?

Have you considered looking at other banks/mortage companies? I believe some specialize in financing for poor/no/bad credit situations, maybe that would be an option. I am just wonderng becuase, if your husband buys the house with a mortgage, if his parents aren't able to get a mortgage in the first place, how is he going to transfer it to them?

so they won't let you do it even on the strength of you and yoour husbands credit? Wow? No, they'll do that...but they don't want my father in law or mother in law on the papers at all, since to the bank, they are useless credit-wise. Which is why they won't let them be cosignatories.

Have you considered looking at other banks/mortage companies? I believe some specialize in financing for poor/no/bad credit situations, maybe that would be an option. I am just wonderng becuase, if your husband buys the house with a mortgage, if his parents aren't able to get a mortgage in the first place, how is he going to transfer it to them?This, of course, is the big issue.

I'm afraid it's not going to come out well...

Which would work if my husband were married to his mother....but this ain't Arkansas:).

*chuckle*

No ... I meant he could put it in just his mother's name and there wouldn't be a problem with it.

No, they'll do that...but they don't want my father in law or mother in law on the papers at all, since to the bank, they are useless credit-wise. Which is why they won't let them be cosignatories.


I don't understand why they care. Seriously, tell that bank to fuck off and go somewhere else that is prepared to do business. (With the caveat that there may be some type of candian law effecting this, but the bank at least owes it to you to explain that).

I don't understand why they care. Seriously, tell that bank to fuck off and go somewhere else that is prepared to do business. (With the caveat that there may be some type of candian law effecting this, but the bank at least owes it to you to explain that).
You have no idea how often I've wanted to tell the banks to take a flying leap...but the sad truth is, I have yet to find an alternative to their blood-sucking ways...

You have no idea how often I've wanted to tell the banks to take a flying leap...but the sad truth is, I have yet to find an alternative to their blood-sucking ways...

I actually know someone who refuses to deal with banks. He has all his savings in a thrift thingy, and pays everything by money order. Mind you he is like a billion years old, and I get the impression that he was somewhat burned during the financial panics of the 30s.

Edit: And I still think you should shop around. You never know.

This is certainly not my field of study, but I would suggest signing the mortgage over to your parents on a joint basis, but making sure the contracting makes the sale of the house permitted only with both the signatures present. However, I would still suggest getting a lawyer, as the risks of this are far too high to take a chance on. Good luck, let us all know how it turns out.