Posted on: 25th Apr, 2010 04:19 am
My son is in the armed forces due to come out in 5years I am retiring in two years and still have 21yrs left on the mortgage (1st time buyer very late in my life) my son wants to keep the house and take over the mortgage i will still live live in it can he take it the balance over change it to his name
welcome carole,
your son will have to refinance the mortgage in order to transfer it his name. in order to do so, he should have a good credit score and excellent financial situation. also, you will have to transfer the property in his name by signing a quit claim deed. this will help him to get a refinance in his name.
your son will have to refinance the mortgage in order to transfer it his name. in order to do so, he should have a good credit score and excellent financial situation. also, you will have to transfer the property in his name by signing a quit claim deed. this will help him to get a refinance in his name.