Q: My elderly father wants to sell his house to my niece below market value. How would this be done?
He does own money to creditors. Will this interfere with the sale? Also, will it be possible to put her name on the title and eventually take his name off so that when she tries to refinance his poor credit will not affect hers? The house and property in question are located in Bluffdale, Utah where land and property are at a premium. My father owes $180,000 on his mortgage plus a second.
A: He can sell the house at any price he wants. If he doesn't sell the house subject to the mortgage then he would still have to pay it off. If he does sell subject to the mortgage then she would assume the mortgage. If she tries to refinance her name would be on the title and it would just be according to her credit if she can but if she assumes the mortgage that will definitely affect it. Creditors very well could go after the sell amount from the father. If it is just for the mortgage, the sell amount would most likely just go toward the mortgage if he still assumes it.
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