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I live in NJ. What is the process to transfer my home mortgage deed from my name to my 2 daughters name? Is it expensive? Is it a long process?

gmakerley · Posted: Wed Nov 18, 2009 10:36 am Post subject:

you cannot transfer a mortgage deed. a mortgage deed encapsulates the terms of your mortgage - it has nothing whatsoever to do with ownership of a property. do you know what it is you really want to do, shunnies?

jveenstra · Posted: Wed Nov 18, 2009 10:47 am Post subject: Deed

If you are looking to put title of the property from your name to your daughters' names, that is a process designated as a quit claim deed.

Is there a mortgage on the property? If you change title to the property and there is a mortgage on the property, that legally triggers the due on sale clause. That means, if the lender finds out about it, they can call the loan due in full. They may never find out about it if the mortgage is always paid on time, but, causes problems if they do find out.

Are you looking to put a mortgage in their name? That is different from changing title. You would have to ask the lender if that is permissible, and, in all liklihood it probably will not be.

The quit claim deed process is not costly or lengthy. Call any attorney and ask if they will do it.

If there is a mortgage on the property,. refinancing may be your best course of action, although that may not be what you were looking to do.

Guest

Here is the situation: My wife passed away. Both her name and my name are on the title. I want to add my daughters name to the title so I am not the only one on it. If possible, I would like to put both daughters on the title while I continue to pay the mortgage. Is this possible and how easy is it?

jveenstra · Posted: Wed Nov 18, 2009 1:36 pm Post subject: Title

Thank you for clarifying.

The answer is still the same. You can do it, however, you trigger the due on sale clause. If the lender never finds out, you are ok. If the lender finds out, they can and may call the mortgage due in full.

Do the daughters live there? They are either occupants or nonoccupants. The "proper" way is to refinance and add them to title. They can be on the mortgage or not. The new mortgage company knows they are on title.

The quit claim process is easy. Your best course of action is to call the existing lender and ask them if it is ok. They may have some procedure to make it ok. To do it without asking the lender could cause problems

You may want to avoid refinancing. Then you should call the lender and ask if you can do it. IF they say ok, call an attorney and do it.

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