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Hello,
My husband and I picked up a fixer upper to flip but upon completion of the project our daughter decided she wanted to buy it. She moved in and has made all mortgage payments for the past two years, unfortunately, the property is still in my name and at this time we want to make her the sole owner of the property. We looked into refing the house but the appraisor low-balled the appraisal well under what the property is worth and we are tired of dealing with it. What are our other options? I have seen the terms "Novation" "Assumption" and "Quit Claim". We have excellent credit and my daughters credit numbers are also very good. She can show proof that she has made all the payments on time for the past two years.
Thank you for your time in this matter.

savior70 · Posted: Tue Nov 17, 2009 5:56 am Post subject:

Hi,

You can transfer the ownership of the house to your daughter through a quitclaim deed. You and your husband will be required to sign on the deed as grantors, transferring the property to your daughter (grantee). In order to transfer the mortgage in her name, she can assume the loan, provided it is assumable. A novation is not an option as most lenders would not accept it in this economy. Nevertheless, a refinance is the best possible way to take over the responsibility of the mortgage. Since your daughter has got good credit and has been making the mortgage payments for the past 2 years, she has good chance of qualifying for a refinance.

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Putting daughter on title