Posted on: 27th Mar, 2009 07:55 am
i am trying to get out from under my home for financial reasons i am a senior citizen and can't qualify for certain assistance because of owning the home and want to quit claim deed the house to my son. does this affect the mortgage, & will is still show on my credit? what's the best way to have everything put into my sons name.
the only way to eliminate your obligation on the mortgage would be for your son to obtain a new mortgage of his own on the property.
hi gfranky,
signing the quitclaim deed will not release you from your financial obligations. your son needs to get it refinanced in his name so you can be released from the mortgage. a novation agreement might also work in this case. however, this would be subject to your lender's approval.
signing the quitclaim deed will not release you from your financial obligations. your son needs to get it refinanced in his name so you can be released from the mortgage. a novation agreement might also work in this case. however, this would be subject to your lender's approval.
