Rent to Own

[chrisko]

What is the name of your state? WI
In this situation the daughter bought a new home by maxing out the mortgage on her older falling apart home. She asked her father to move in there and take over the payments as a renter. She is married and going to get divorced. She wants the father to take over the mortgage as it is. The father's bad credit report would put the mortgage due to the higher interest rate above the value of the home and its dire need for repair as it would not pass code to sell. Is there a legal way to have the father rent to buy so he can keep the affordable mortgage rate and have his name on the house so that in the event of a divorce that this house is not part of the divorce settlement?

[pojo2]

Rent to buy nothing title/deed changes hands so it is still in her name. Other methods to accomplish this might require the original loan be paid in full.

Tell her to ask her divorce atty how to hide assets in a divorce case!

[Ohiogal]

Originally Posted by pojo2

Rent to buy nothing title/deed changes hands so it is still in her name. Other methods to accomplish this might require the original loan be paid in full.

Tell her to ask her divorce atty how to hide assets in a divorce case!

And watch that attorney drop her representation. Good grief -- only an unethical attorney would hide assets.

[FarmerJ]

Instead of hiding it bring all the documents that came with the purchase of the first home to a real estate atty to review and give a opinion as to wether any kind of agreement can be drawn up that will give the womans father full credit for any work he did and allow her to sell it to him in the future. Then nothing is hidden. ANY WAY this is a matter that only a atty could correctly answer so tryt the links up top and locate a Atty.

[pojo2]

Originally Posted by Ohiogal

And watch that attorney drop her representation. Good grief -- only an unethical attorney would hide assets.

In case it is not perfectly clear that statement was made with tongue in cheek!