dad has mortgage

nixbri

My dad has the mortgage on my property as i couldnt get a mortgage at the time, he has recently lost his job & im worried if ill lose my house if the bank declares him bankrupt.
I pay the mortgage to him monthly,
can i get his mortgage in my name ? any suggestions as i really stuck at what to do....

getmore4less

Why would they bankrupt him? (does he have a house?)

What's changed so you can get a mortgage now?

Probably best to consider paying the mortgage directly not via Dad if you suspect he will redirect payments for his living.

holly_hobby

I assume this isn't his primary home, but yours ? And that he purchased it as you had poor credit history ?

If so, is your credit record now clear, or what ever prevented you for obtaining this mge in the first place, now resolved ?

If Dad is made bankrupt, and as this property is not his main home, the TIB/Receiver via Court may well seek a court order for sale, if there is any free equity that could be utilised to satisfy os creditors on disposal.

If this occured, you could seek to purchase the property as part of liquiditing his assets, as part of which you would have to pay the market value, whilst providing a monetary deposit (as neither a gifted deposit or family discounted pch price from Dad, WILL be accpeted due to his BO) - and this is of course all dependant, upon you being able to secure your own mge at that time.

Obv, the best route would be to try and pch the property from him now before it gets to this point - to which the answers to the initial questions noted at the head of this post will be v important.

Hope this helps

Holly

amcg100

All depends on whose name is on the title deed yours, dads or both. in the meantime there is nothing to stop you setting up a direct debit to pay your mortage monthly straight to the bank

System

amcg100 wrote: »

All depends on whose name is on the title deed yours, dads or both. in the meantime there is nothing to stop you setting up a direct debit to pay your mortage monthly straight to the bank

Some banks are a bit funny about accepting payments from other people because they can then be implicated in issues around ownership...oh hang on...

ValHaller

amcg100 wrote: »

All depends on whose name is on the title deed yours, dads or both. in the meantime there is nothing to stop you setting up a direct debit to pay your mortage monthly straight to the bank

That would stop the mortgage lender from going after the house, but it is a good deal more serious than that if Dad goes BR, because the Official Receiver can and probably will go after OP's house. Even if the house can be put into OP's name, the Official Receiver could undo the transaction.

If Dad really is likely to go BR, legal advice is required now.

nixbri

Thanks everyone. He has a house that he remorgaged to parr put towards the house price so im unsure about paying his mortgage direct. Do u think he can transfer house to my name as im his next of kin or will i have to try to get a mortgage

CLAPTON

your father owns both houses

does he have two separate mortgages; one for each house?

System

If your father's name is on the deeds and the mortgage then whether you like it or not he is your landlord. Which now brings in to the equation whether he had permission from the mortgage lender to rent the house out and also whether he declared the income to the tax man. Messy isn't it?

McKneff

Things like this always come back to bite yo on the bum.

OP you are not paying the mortgage, you are in effect paying your father rent, which in turn he pays the mortgage with.

It's all going to get very messy......

BobQ

If your Dad is in danger of going bankrupt, maybe now is the time for him to consolidate his position by selling the house you live in? Would selling it realise any cash? If so maybe he would be better off doing that and using the cash to pay off other debts? Would it make the difference in him avoiding bankruptcy?

If he did this would you be able to afford to buy it? If not could you live in his house and help him pay his mortgage?

Does "your" house include any equity that you put into buying it?