Proper Deed for home with my Dad

[postguy619]

First off, if this is not on the right board please let me know and I will move it.

My Dad is going to use his credit to buy a house that my wife and I are paying for, including the down payment. We are currently working on completing the shortsale of our current home. How should the house my Dad is buying be properly deeded to allow my wife and I to continue paying the mortgage in the event he passes before we can take the house out of his name and mortgage it on our own names(approx 3 years or until or credit is good). The house is in Florida and he lives in Michigan.

Thanks

 

[rowz]

Geez, isn't this scenario somewhat fraudulent?

Others will know for sure, but I guess the cleranest way is to just buy it from him at a later date.

Of course if he dies before you buy it then you will have to redeem the property thru probate.
Hey maybe thats how it should go....you have him write a will that leaves the house to you.

You could pay him directly a sum that covers mortgage life insurance that could pay off the home when he passes.

Of course you intend to pay him rent during the time that he owns it and you live there and said RENT covers the principal, interest, taxes, insurance, mortgage insurance, all the utiities and the maintence.

And of course he gets to use the mortgage interest deduction asit is HIS HOME until you purchase it.

He will be THE BANK and as such will have the legal right to foreclose if & when you fail to live up too all your obligations.

If a competent attorney looks over the plan on your Dad's behalf it will be interestting to see if he finds value for your dad in this scheme.