Posted on: 04th Apr, 2006 12:31 pm
Can a seller sells his/her home via refinancing to his/her son and his wife?
hi isasenarine,
welcome to mortgagefit forums.
i think you want to pass both the title ownership on your house and the mortgage to your son. this can be done through a quitclaim deed and refinancing the mortgage in your son's name.
now you must understand that the two are different procedures. through a quit claim deed you can transfer the ownership interests to your son. it won't help you in transferring the mortgage.
to transfer the mortgage it needs to be refinanced in your son's name. you need to inform your lender before the property transfer as any such transfer makes the mortgage immediately due.
also, do involve an attorney in the process to have a smooth and easy transfer.
feel free to ask if you have any more queries.
god bless you.
for mortgagefit,
samantha
welcome to mortgagefit forums.
i think you want to pass both the title ownership on your house and the mortgage to your son. this can be done through a quitclaim deed and refinancing the mortgage in your son's name.
now you must understand that the two are different procedures. through a quit claim deed you can transfer the ownership interests to your son. it won't help you in transferring the mortgage.
to transfer the mortgage it needs to be refinanced in your son's name. you need to inform your lender before the property transfer as any such transfer makes the mortgage immediately due.
also, do involve an attorney in the process to have a smooth and easy transfer.
feel free to ask if you have any more queries.
god bless you.
for mortgagefit,
samantha
