Posted on: 18th May, 2011 10:49 am
My husband and I have sold our house to our son. The mortgage is still in our name. He gave us a lump sum of cash and took over payments. If we sign over a quitclaim deed does that signify the house belongs to him? If something happens to us and he still makes the payments will it be considered his house if the mortgage loan is still in our names?
If he continues to pay the loan, then there is no real difference. You could have an occupancy issue if you recently purchased or refied as owner occupied. If not, and you deeded him property rights, then he is an owner of the property. This will make it easier for him to refi out of your names and into his. Most lenders will require that the party be on title for 6-12 months. Have him pay with checks, so he can show papertrail of making the payments. Once he is ready, he can refi the house in his name. You can always add parties, or change title, but you cannot add or delete parties from a loan. Hope this was helpful.
Hi Ava!
Welcome to forums!
If you sign the quitclaim deed and transfer the property to your son, then he will become the sole owner of the property. It will be better if your son could refinance the mortgage in his name.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
If you sign the quitclaim deed and transfer the property to your son, then he will become the sole owner of the property. It will be better if your son could refinance the mortgage in his name.
Feel free to ask if you've further queries.
Sussane
