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Transfer the house to the son while still paying the mortgage

My mother has an house and there is a loan on it. She wants to transfer ownership of the house to me. She will keep paying for the house. I do not want to be in the loan, but if I can be sure I will be the owner of the house, I will help her paying the house faster. How can she transfer me the house or at least making sure I will be the owner if she die or we pay off the mortgage? by emanue_439_990 from , . May 22nd 2013 Reply


William J Acres (William_Acres)
#1 ranked lender in Arizona - 5,006 contributions

When there is a mortgage on a home, then there are strict guidelines that are in place regarding ownership transfers.. if you mom wishes to add you to the Deed, then it can be done very simply.. Notice I said "Add"... if she removes her name and transfers ownership to you, then this could trigger the "Due on Sale" clause within her deed of trust. Basically, she would be required to pay off the home in full within 90 days of notice.. There are other ways to be sure you get possession/ownership of the home incase of her demise, but your better off talking to an estate attorney for that advise. .. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

May 22nd 2013
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Southern Trust (SouthernTrustMortgage)
#68 ranked lender in Virginia - 34 contributions

I would advise you to see an estate attorney, or some would advise to do a quick claim deed.

May 22nd 2013
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Pam Schubert - VA certified loan specialist (pschubert)
#19 ranked lender in Wisconsin - 24 contributions

You would get a quit claim deed drawn up, these can either add someone to title or remove them from title. A title company can help you with the quit claim deed as well as an attorney. This will remove your mother from title and add you to the title.

May 22nd 2013
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If she adds me to the deed with a quit claim deed, after she dies, is the house mine or is 50% mine and 50% to all the successor?

May 22nd 2013
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Southern Trust (SouthernTrustMortgage)
#68 ranked lender in Virginia - 34 contributions

Depends on how its drawn up, Thats why getting an attorney involved would be the right thing to do

May 22nd 2013
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Pam Schubert - VA certified loan specialist (pschubert)
#19 ranked lender in Wisconsin - 24 contributions

Michael is right, getting an attorney would be best...if there are other people involved it may not be that easy. Even if the loan is not in your name the lien will stay on the title.

May 22nd 2013
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Dave Metsker (DaveMetsker)
#1 ranked lender in Oregon - 2,064 contributions

Do not remove her from ownership, or this could cause the loan to "accelerate" and become due immediately. Instead, make, notarize and record a warranty deed from her to her and you, as joint tenants. That way, If she dies first, the house will transfer to you without probate action. Contact me directly for more information.

May 22nd 2013
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Dave Metsker (DaveMetsker)
#1 ranked lender in Oregon - 2,064 contributions

Another option may be,if she is over 62, and there is sufficient equity in the house, she could convert the mortgage to a reverse moeortgage, with NO monthly payment. If this is the case, contact me for additional details. Dave Metsker, 503-620-2239

May 22nd 2013
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Steven Cook (stcookmortgage@gmail.com)
#43 ranked lender in Washington - 256 contributions

Your best course of action would be to check with your or your mother's tax accountant - as well as an attorney. The reason for this is to make sure that there are no tax "surprises" down the road for either of you. With their assistance, you can get things put together in the most beneficial manner for all concerned.

May 22nd 2013
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James Mazzola (Mazzola)
#3 ranked lender in New Jersey - 306 contributions

If you are on the deed, you will be responsible for the mortgage

May 23rd 2013
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Charlie Sparks (CharlieSparks)
#10 ranked lender in New Mexico - 373 contributions

Your state laws may be different but generally you can use a quit claim deed to take title as Joint Tenants (where ownership transfers to the surviving owner) or Tenants In Common (where ownership transfers to each owner's estate upon death.) An attorney would be prudent but a title co. should be able to adequately inform you of the options. I do agree with keeping your mother in title and adding you to it.

May 23rd 2013
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Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 2,549 contributions

At least one person on the loan should always remain in title. Adding you is easy. You don't need to be in title to obtain ownership if she dies. A will can take care of that. The best answer her is to talk with a few different professionals. A tax planner/CPA, a family attorney, and maybe a reverse mortgage specialist is she is over 62.

May 23rd 2013
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Carlos Figueira (carlosfigueira)
#0 ranked lender in New Jersey - 177 contributions

Everyone has given very good answers, seeking a real estate attorney and advising them of your exact situation and goal would be best so that you can get new deed set up properly.

May 23rd 2013
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J.D. Peck (MortgageColoradoSprings)
#48 ranked lender in Colorado - 77 contributions

Each state can vary in ownership laws however, a quit claim deed will certainly be involved. You should contact a real estate attorney to assist you, but actually adding you to title is a simple process.

May 23rd 2013
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Wayne Barnes (wbarnes)
#5 ranked lender in Oklahoma - 11 contributions

I don't know if you have resolved your issue, but there are a couple of more options. One would be the quit claim deed route but write it as a survivor's deed. This would be where the house goes to you in the event of your mother's death. It helps avoid probate. You may want to consult an attorney on that.The second option and the most beneficial will be to create what is called a land trust. It will cost a little money, but you will be happy with the results. Contact me if you want more information. Wayne Barnes. wayne@come2ok.com

Dec 3rd 2013
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