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Responsible for Father debts?

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krk1086

Junior Member
I am 27 years old and from India

Here is my situation

Me, my mother and father live in the same house.The house is under my father name for which we are paying the loan that my father and mother cosigned.My father had stopped paying the money and I took the responsibility to pay the amount from past one and half year(I send the money to my mom and she send the Cheques to bank). We are almost done completing the loan.As we were happy that we are close to done. We came to know that my dad have been taking personal loans from different banks and not paying the EMI to them.He also borrowed few more from outsiders.We recently came to know about this,as collection people started coming home.Only co-sign my mom did is for the home.She did not signed any loan he took as a personal loan

Now we are worried that my dad may take an other loan under this house once we get the original documents from bank.So we decided to change the house to my mother's name and keep the documents in the locker.He agreed to change the name BTW

My question is

1:Can we change the name to my mom

2:Will it create a problem for my mom in future( once my dad passes) as I am sure he will not pay those loan and this is the only property he have.I mean will collection people come to my mom even the house is under her name.

3:Can we just sell the house as I am planning to buy my own place and I would like to take that and my personal saving and have a better place.Will they come to me as I am using the money for buying the house.FYI:I will do this once we change the house to my mother name

4:Are we responsible in any way for his loans as we have been living under the same roof


5:Also is it ok if we stay in this house until I save some money to buy a place of my own.The reason I am asking this is, once he passes I don't want collector coming to me as I lived in the the same home during his debt time.
 
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I am 27 years old and from India
Here is my situation
Me, my mother and father live in the same house.The house is under my father name for which we are paying the loan that my father and mother cosigned.My father had stopped paying the money and I took the responsibility to pay the amount from past one and half year(I send the money to my mom and she send the Cheques to bank). We are almost done completing the loan.As we were happy that we are close to done. We came to know that my dad have been taking personal loans from different banks and not paying the EMI to them.He also borrowed few more from outsiders.We recently came to know about this,as collection people started coming home.Only co-sign my mom did is for the home.She did not signed any loan he took as a personal loan
Now we are worried that my dad may take an other loan under this house once we get the original documents from bank.So we decided to change the house to my mother's name and keep the documents in the locker.He agreed to change the name BTW
My question is
1:Can we change the name to my mom.
I assume that you are "from" India, but that you live in the US. If you don't live in the US, then I don't think anyone here can help. If you do live in the US, then it might help others responding if you say what state you are in.

You need to be clear if any of these "personal loans" that your father has already obtained were taken out using the home as collateral. Was any type of second lean (anything other than the original mortgage) placed on the home? If the answer to this question is yes, then you (that is you, your mother or your father) cannot own the home free and clear until someone pays off the original mortgage AND the second mortgage(s) or lean(s). Hopefully someone else can answer your other questions.
 

krk1086

Junior Member
I assume that you are "from" India, but that you live in the US. If you don't live in the US, then I don't think anyone here can help. If you do live in the US, then it might help others responding if you say what state you are in.

You need to be clear if any of these "personal loans" that your father has already obtained were taken out using the home as collateral. Was any type of second lean (anything other than the original mortgage) placed on the home? If the answer to this question is yes, then you (that is you, your mother or your father) cannot own the home free and clear until someone pays off the original mortgage AND the second mortgage(s) or lean(s). Hopefully someone else can answer your other questions.
I am hoping USA law is a little to similar here aswell.

I am an India citizen and I came from USA last year to India.The home loan was the first one that my father took and later he started taking those personal loan that we were not aware of.As the bank keeps the original documents until we clear the loan I am sure he did not used the home as a collateral.

FYI: The loan he took, he did not pay the home mortgage with that, he did not help for my education as I got scholorship, he did not buy gold or vechicle recently.

As this house is the only main property that we have and we really want to save this one.I am planning to pay the rest of the loan and clear the name as at least I can save my mom from this hassile as she signed for this loan as a co-signer

Our worry is, can we change the name to my mother once we get the documents.Can she sell or stay in the house under her name.Will it be illegal as it may look that he is giving his assets to his wife to save money from collectors and banks once he passes.
 

FlyingRon

Senior Member
US law is likely not to be useful.

There are several similar sites to this in India that would be able to answer.
Google "legal advice india"
 

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