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Hi, I own a property, in Santa Clara County, California, and I would like to put a HELOC on the property, and I have some questions.

I currently live in the property right now.

Currently, the property is under my name, and my wife's name.

I can't have a HELOC myself, because I have a foreclosure on me (I owned another property, and I put me and my wife's name on the property, and I rented it out, and the renters were unable to pay), and sadly, I am right now am having trouble paying for the bills, so I need my only working son, to open a HELOC.

Here are my questions:

1. Is it possible to add one (I have two) of my sons to the property? If so, what do I need to do, and is this a good option for HELOC?

2. If option 1. is not good for HELOC, then what forms do I need to transfer ownership of property to one of my sons?

3. Once either options 1. or 2. are done, my son has no credit on him, and this will be his first time even opening a HELOC, will my son be successful, in opening a HELOC? Currently, my son works for $10 an hour, but my son will have sole possession of the HELOC, but I will help my son pay for the HELOC.

Thanks for reading.

jameshogg · Posted: Sun Jan 23, 2011 11:08 pm Post subject:

Hi aeris,

You can use a quitclaim deed in order to add a person to the property deed. If the person's name is on the property deed, then that person can take out a HELOC on the property if there is a equity in it.

If your son does not have the required credit scores, he won't be able to qualify for the HELOC.

Thanks

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