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dtmbwolf2000 · Joined: 29 Mar 2007 Posts: 1 1.26 Dollars($)

I purchased a house last year for my son to live in. My husband and I are on the mortgage and title, but now since my son is paying half of everything, we want him and his wife to be co-owners. How do we go about adding them to the title and mortgage or if not both of them, at least him.

miller_st · Joined: 17 Jan 2007 Posts: 918 168.95 Dollars($)

Hi Dtmbwolf,

You can use a quit claim deed to add your son & his wife to title of your house. If they are to be added to the mortgage then it has to be refinanced. On the quit claim deed you will be named as the grantor and your son & his wife as grantees. After filing up the deed you will have to get it notarized and recorded with your county recorder's office.

This change in title can be done at the time mortgage is refinanced to include them as co-borrowers. You should contact your lender and talk about your plans of including their names on title of the house.

Miller

Guest

I would like to add one thing that adding both of them to the mortgage will depend on whether they are able to qualify as per lender's requirements. With a quit claim deed, both can be easily included on the title of the house but becoming one of the co-borrowers will depend on their credit score, income and other criterion.

jameshogg

Hi Dtmbwolf,

Welcome to forums.

You can add them to the title by giving up your shares of interest through a quit claim deed. But this will not add them to the mortgage.

In order to have their names on the loan, you need to discuss with the lender or the mortgage company and find out if they are willing to let you transfer the loan to your son and daughter-in-law. The legal process of doing it is called Novation.

Thanks,
James.

kenstampe · Posted: Sat Mar 31, 2007 8:55 am Post subject:

Another option is to sell the home to them. You don't need to use a real estate agent and by using this method they can become solely the owners with their own mortgage. This is the "cleanest" way to remove you and your husband and place your son and daughter-in-law in ownership and responsibility for the loan.

miller_st · Joined: 17 Jan 2007 Posts: 918 168.95 Dollars($)

But Ken from Dtmbwolf's post it seems that they want to include their son and daughter-in-law to the title. Selling the house won't be the right option in this situation.

They intend to keep ownership of the house plus add them to the title, but if they wished to give up the ownership altogether then selling would have been a suitable option.

Miller

kenstampe · Posted: Fri Apr 13, 2007 2:48 pm Post subject:

Miller, I agree but wanted to give another idea that hadn't been given before.

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