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how do I transfer the mortgage and deed to my daughter and son in law

I am buying a house for my daughter and son in law. My son in law is in school and will graduate in a years time. He is in the merchant marine and when finished with school will have his captians license and a well paying job. A house in a very good area went into forclosure and the kids made an offer that was accepted. I am using my credit and income to secure the mortgage but they will be paying the mortgage. All three of us will be on the deed but I will be on the mortgage. Our plan is to have my son in law take over the mortgage as soon as he can show income (2 years) and get me off the mortgage and the deed.
We originally wanted my son to be on the mortgage with me but it wasn't to our advantage. how will I be able to transfer the mortgage and deed over to my daughter and her husband? Will I have to refiance and pay the cost of refiancing or is there another way. I don't want to sell it to them and have to pay taxes and I refiancing is expensive and the rates will probably be more than they are now. What is the b est way to do this?

tawanastegall's picture
tawanastegall | Joined: March 26, 2009 07:58 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

First of all make sure that when you sign the Deed of Trust that the mortage is Assumable. Then when that time comes request an assumption for your lender.

That will allow him to assume the payements. He will already be onfile with your lender because if he will have interest in the property he will have to sign the Deed of Trust. If you are going to be the only one liable then you will be the only one signing the note.

When he gets ready to take over the payments. Tell your lender that you want your son to assum the loan and you want your liability to be released. So you will not be responsible for the payment any longer.

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 01:31 | Post subject:

smith.sussane's picture
smith.sussane | Joined: September 18, 2008 09:57 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi mscaramucci!

Welcome to forums!

If your mortgage is not assumable, then your son-in-law will have to [url=http://www.mortgagefit.com/refinance.html]refinance[/url] the mortgage in his name. When he refinances the mortgage, he'll have to pay the closing costs. Once the refinance is complete, your name will be removed from the mortgage docs and you will not be liable for paying the mortgage anymore.

Feel free to ask if you have further queries.

Sussane

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 01:31 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

if my husband has reverse mort on our home. what happens or what do i do when he passes away

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 01:31 | Post subject:

jenkin7's picture
jenkin7 | Joined: June 4, 2007 11:02 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi k,

When your husband passes away, the entire amount of the reverse mortgage will become due and payable in full. You can then refinance the property given there's adequate equity in the property or sell it off to repay the reverse mortgage. Otherwise, the mortgage holder will take over the property and sell it off to collect the outstanding mortgage balance. If there remains any excess money after paying off the reverse mortgage, you will be entitled to it.

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 01:31 | Post subject:

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