Posted on: 03rd May, 2010 07:10 pm
i have a home that i currently have a mortgage on.i'm 69 years old,an have an only son as a survivor.i would like to leave my home to him.his credit is not the best.would he have to refinance in his name to own tne house or as an only son is he entitled to the house?
Hi BLackey!
Welcome to forums!
You will have to use a quit claim deed in order to transfer the property to your son. After the property transfer is complete, he will have to refinance it in order to transfer the mortgage in his name. However, with a bad credit, it would be difficult for him to qualify for a refinance.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
You will have to use a quit claim deed in order to transfer the property to your son. After the property transfer is complete, he will have to refinance it in order to transfer the mortgage in his name. However, with a bad credit, it would be difficult for him to qualify for a refinance.
Feel free to ask if you've further queries.
Sussane