Posted on: 09th Nov, 2010 03:25 pm
Our son wants us to deed him an acre of our land for him to have to place a mobile home on, so he will not have to pay a down payment on purchase of home... We have an mortgage on property which also has a lien on it from the IRS.
Hi wwcj,
As you already have a mortgage and lien on the property, you won't be able to transfer a portion of it to your son. You will have to pay off the lien and mortgage in full before transferring the property to your son.
Thanks
As you already have a mortgage and lien on the property, you won't be able to transfer a portion of it to your son. You will have to pay off the lien and mortgage in full before transferring the property to your son.
Thanks