Posted on: 03rd Nov, 2010 11:51 am
If we want to add our daughter's name to the title of the house, but not change anything with the mortgage, would Quit Claim be the way to go? How would adding her name influence the mortgage and taxes on the house? Would it change the taxes or make the mortgage due immediately? We don't want her to pay for having her name on the title, and she is not in a financial state to make payments for anything.
mom, it's conceivable that the lender might get wind of this and see it as an event that will trigger the due on sale clause, because you're altering the collateral, at least insofar as ownership is concerned. then again, if you decide to be secretive about it, they may never find out and you'll be home free...perhaps.
quit claim deed would be the appropriate method, yes, and adding her would have no impact on your taxes, etc. due on the home. i think that's the nutshell - just be careful here because you don't want to arouse the ire of your lender.
quit claim deed would be the appropriate method, yes, and adding her would have no impact on your taxes, etc. due on the home. i think that's the nutshell - just be careful here because you don't want to arouse the ire of your lender.