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What do we have to do to have my parents change the name of their house to mine?

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snapp1985 Joined: 17 Feb 2010 Posts: 1 1.00 Dollars($)	Posted: Wed Feb 17, 2010 12:33 pm    Post subject: What do we have to do to have my parents change the name of Like 0 Dislike 0 Hello, I'm trying to get an idea of the things we might have to do. They want the house(they have 2 one that they might lose and another one that they are renting). They are scared that the bank will come after the one that has equity so they want to put it under my name. Will I have to get a loan for what they own on the house? Should we do a Quick Claim? thanks for your help as I am a little clueless!
gmakerley Community Mentor Joined: 09 Nov 2007 Posts: 12376 Location: bloomfield, ct 58.49 Dollars($)	Posted: Wed Feb 17, 2010 1:06 pm    Post subject: Like 0 Dislike 0 snapp, the lender for the loan on this rental property would desire that you do obtain a new loan, as transferring title to you would result in the due-on-sale clause to be activated. in other words, the transfer is considered to be a sale, and the loan ought to be paid in full. you might not have to as long as payments are made on time and the lender isn't made aware of the change in title. some don't bother you in a case like that. that's the biggest risk you run, that the lender might ask for you to refinance their loan into your own loan. other than that, what you've described is reasonably straightforward. _________________ George M. Akerley Mortgage Underwriter/Consultant Word of Excellence- Writing/Editing/Proofreading 860-221-5044

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