Here is the back story:
My father passed away and my sister and I inherited his home. I am in AZ. We are in the process of working on an affidavit to get the home title in both of our names, it will be completed in March 2012. We did not do the probate route so we can get our name on the title 6 months after he died, that explains the March 2012 date.
We are making the mortgage payments. Never missed a payment and don’t plan on it. But, I really don’t want my name on the loan. How long can I keep this going? Can I just have my name and sisters name on the title and just keep my deceased fathers name on the mortgage loan? I mean, really how long can I push this? One year? 2 years? We have been making payments on the mortgage for 6 months now and the bank is satisfied that they are getting their payments.
Reason I don’t want my name on the loan: 1) I don’t really want my name on a loan with my sister, I am married with a family and don’t want the extra stress of a co-loan with a family member. 2) I might be buying another home in the future and I really don’t think I have the credit to now have 3 mortgage loans. 3) I don’t want to pay closing costs or get a higher interest rate on the new mortgage with my sister and my name on it. My credit is excellent, hers is poor. The interest rate that my dad has was 4% which is really nice.
The house is not upside down. The mortgage is low. It can be rented out. So basically I’m just wondering how long I can drag it out by keeping my father’s name on the loan, but changing my name on the title.
Experts of AZ real-estate… go! And thank you! If you need any other info, please message me.
