Posted on: 01st Aug, 2008 10:18 am
I have a morgage on my home. I want to put my kids name on the deed in case I die. Do the kids have to pay off the mortgage in order to put their name on the deed?
hi guest.
welcome to the forum.
i think you have the property in mortgage. so if you quitclaim to your kinds then they will have to refinance the mortgage on their name. otherwise the lender may demand for repayment of the outstanding loan balance according to the due-on-sale clause
feel free to ask if you have any further questions.
best of luck,
larry
welcome to the forum.
i think you have the property in mortgage. so if you quitclaim to your kinds then they will have to refinance the mortgage on their name. otherwise the lender may demand for repayment of the outstanding loan balance according to the due-on-sale clause
feel free to ask if you have any further questions.
best of luck,
larry
it occurs to me that the easiest way to ensure that your children will inherit your home in the event of your death is to insert that into a will.
you ought to engage an attorney to discuss this.
you ought to engage an attorney to discuss this.
