Posted on: 28th Mar, 2007 07:36 pm
hi, please offer some advice.
my wife and i own a home and still have a mortgage on it. we moved out of state into a condo about 2 years ago, that my son paid for. right now my son has been living in the home and paying the mortgage for 2+ years. could we use a quit claim deed and transfer our rights of the property to our son? what about the mortgage? will it be in my wife and my name? could my son sell the property if he wanted to?
my wife and i own a home and still have a mortgage on it. we moved out of state into a condo about 2 years ago, that my son paid for. right now my son has been living in the home and paying the mortgage for 2+ years. could we use a quit claim deed and transfer our rights of the property to our son? what about the mortgage? will it be in my wife and my name? could my son sell the property if he wanted to?
hi william,
quit claim deed to your son means just transferring your interests from the home to him. but the mortgage will still in your name.
in your case, it will be better if you can refinance existing mortgage into a new mortgage on your son's name. this way you can get rid off the existing mortgage. and your son will be completely liable of the mortgage. it may happen that by doing refinance you mortgage rate of interest become lower than the currently you have.
thanks
quit claim deed to your son means just transferring your interests from the home to him. but the mortgage will still in your name.
in your case, it will be better if you can refinance existing mortgage into a new mortgage on your son's name. this way you can get rid off the existing mortgage. and your son will be completely liable of the mortgage. it may happen that by doing refinance you mortgage rate of interest become lower than the currently you have.
thanks
Just go for refinance and it will transfer title along with mortgage liability to your sons. And in future whenever he wants he can sell the house.
William,
"Could my son sell the property if he wanted to?"
After lender agrees to have the mortgage refinanced in your son's name, he can sell the property but will have to pay off the mortgage balance from the sale amount.
"Could my son sell the property if he wanted to?"
After lender agrees to have the mortgage refinanced in your son's name, he can sell the property but will have to pay off the mortgage balance from the sale amount.