Posted on: 02nd Feb, 2008 10:28 pm
We have a problem! My husband is very sick and cant work. We have two homes and for this reason were denied his ssi. We were wondering if we used a quick claim deed to release one of our homes to our son would the mortgage become due in full. Or would my son just have to continue sending the payments. Also would the mortgage company become aware.
Hi Lele,
Welcome to the forum.
It is better if you can transfer property to son and ask him to keep sending payments so that oyu can pay off the loan. But let the lender know about it. And, before you proceed, check the documents as to whether there is any clause which prohibits any kind of property transfer while you are on the loan.
Thanks
Welcome to the forum.
It is better if you can transfer property to son and ask him to keep sending payments so that oyu can pay off the loan. But let the lender know about it. And, before you proceed, check the documents as to whether there is any clause which prohibits any kind of property transfer while you are on the loan.
Thanks
Hi Lele,
I think you should better inform the lender about the transfer of the property before transferring it. Otherwise the mortgage may become due in full.
Consult with your lender and see if your son can assume the loan.
Best of luck.
Larry
I think you should better inform the lender about the transfer of the property before transferring it. Otherwise the mortgage may become due in full.
Consult with your lender and see if your son can assume the loan.
Best of luck.
Larry