Posted on: 05th Feb, 2010 02:28 am
i am tranferring ownership of my home to my son. i have small mortage and a home equity loan out on the propery. how does my son go about applying for home equity to pay off my loans on the house?...i will be giving my son my home. can he apply for a home equity to pay off my loans before we transfer ownership?
No the Home has to be deeded to him first this can be done with a quit clain deed.You should consult your attorney before doing this