Dear Monty: I live in a two-family house that my sister and I inherited. It was free and clear of a mortgage. A few years back, my sister wanted out and wanted her half of the value, so I needed to take a mortgage on the house to pay her. At the time, I could not take out the mortgage in my name, so my son took it in his name. He does not live in the house. I have a tenant who lives on the second floor and myself on the first. I pay for the mortgage even though it is in my son’s name. I also pay for all the bills and repairs for the house. My son claims the place because the mortgage is in his name. There are only two years left on the mortgage. What rights do I have after the mortgage is fully paid for when I make the last payment? How do I make the house solely in my name?
Monty’s Answer: It is not clear in your question whether you transferred title to your home to your son. Were you able to obtain a mortgage using your son as a cosigner? Two methods depend on how you and your son originated the mortgage with the lender.
