Posted on: 15th Jan, 2014 11:06 am
Can an adult child be added to a deed if the mortgage is paid off, but there is a home equity loan which has a balance that is a little less then half of the loan?
Check with a local title company they willbe able to answer this and help you add them to the deed...
I would watch the wording on your loan note - some have a due on sale clause and adding someone may trigger this - I havenot heard it actually happening but it may be a possibility - I believe the intent is to keep an original owner from selling and not paying off the note.
Brian
I would watch the wording on your loan note - some have a due on sale clause and adding someone may trigger this - I havenot heard it actually happening but it may be a possibility - I believe the intent is to keep an original owner from selling and not paying off the note.
Brian
Hi Ann!
Welcome to the forums!
You will also have to get in touch with the lender in order to find out whether or not he will allow you to add your child to the deed. Many a times, lenders do not allow any change in home ownership when there is a loan on the property.
Feel free to ask if you've further queries.
Sussane
Welcome to the forums!
You will also have to get in touch with the lender in order to find out whether or not he will allow you to add your child to the deed. Many a times, lenders do not allow any change in home ownership when there is a loan on the property.
Feel free to ask if you've further queries.
Sussane
