Expert: Dick Dennis - 7/23/2011

Question
Hello Dick,

My father and I are in Rights of Surviorship with a house here in NY.  There's a mortgage in both our names, with me as the primary holder.  Is it possible for me to sell my portion of the deed/mortgage?  My husband and I just married and we would like to relocate to another part of the country, but my dad refuses to sell the house.

Answer
Yes, Joan, you may sell your interest in the property. But be aware that there is a clause in your mortgage that frowns on someone else taking over your interest in the property. I say "frowns" rather than "forbids" because of today's economy in which banks really don't want to get involved in another foreclosure (which is what would happen if they refused to recognize the new owner in conjunction with your father).

As long as the mortgage payments are being made, chances are slim that the bank would object to the change of ownership.

However, how you're going to sell your portion of the property will indeed be a puzzlement. To sell houses the regular way is problem enough. If you're thinking that maybe someone in your family may be interested in buying it, then you may be successful. Just be sure that the mortgage payments will indeed be made if you are out of the picture. I wish you well.

Dick Dennis
dixiedee13@aol.com