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.
