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 annaw29
Joined: 15 Jun 2009
Posts: 1
1.33 Dollars($)
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 Posted: Mon Jun 15, 2009 9:21 pm Post subject: Transfer of Property |
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| My Question is: What will happen if I transfer the deed to my house to my adult son and I keep making the Mortgage Payment, Taxes and Insurance.....Will the Mortgage Company give me any Problems or will it be ok ? I am in California |
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Realgeni
Joined: 13 Apr 2009
Posts: 1434
99.77 Dollars($)
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| Posted: Mon Jun 15, 2009 10:13 pm Post subject: |
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annaw29
Welcoem to the forum
Yes you can give quite claim deed to yoru son,but you are still liable for the monthly payment to your lender
But I think you also need to inform your lender abotu the change in situation. Normall they shoudl not have any problem, but in this market situation anythign can happen
Good luck and feel free to ask |
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gunzijjistaff
Joined: 07 Apr 2009
Posts: 459
6.94 Dollars($)
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| Posted: Tue Jun 16, 2009 9:44 am Post subject: |
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Hi annaw29,
Welcome to our forum.
If you signed quitclaim deed then your son will be the owner of property. After refinance mortgage then your son will be responsible to pay mortgage if you wish to pay dues then don't refinance mortgage.
Inform to your Lender about your situation.
Thanks & Regards.
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Realgeni
Joined: 13 Apr 2009
Posts: 1434
99.77 Dollars($)
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| Posted: Tue Jun 16, 2009 11:51 am Post subject: |
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| Some tiems the bank may ask him to refinance and it coudl vary from case to case |
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gunzijjistaff
Joined: 07 Apr 2009
Posts: 459
6.94 Dollars($)
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| Posted: Tue Jun 16, 2009 9:22 pm Post subject: |
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| Yes, Bank will ask for refinance. |
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