Can I transfer title in my sons name without spending on refinancing?

We wanted to buy the house in our son%26#039;s name, but since he did not have enough credit history in USA, we applied for the loan in my and my wife%26#039;s name. So the house is obviously in my and my wife%26#039;s names jointly, although the mortgage is being paid by our son every month from his salary. Now we want to transfer the house in his name. Does it mean we will have to sell the house to him and go through all the closing procedure? How can we do that without much hassle and without spending on the selling/closing costs? He is already taking care of all the payments already. Please advise?

Can I transfer title in my sons name without spending on refinancing?

Do NOT only do a quit claim deed, unless you are adding him to title jointly with the both of you.

If you transfer title solely to him, you will likely trigger the %26quot;due on sale%26quot; clause on your financing. Meaning the loan is due and payable NOW, since you no longer have an ownership interest in the property.

You can ask your current lender about adding him to the existing financing. They might consider it for a nominal cost. But they might not. They could even put the whole thing in your son%26#039;s name as a full assumption, but that is unlikely, as most mortgages are not assumable anymore.

Does he have any credit in the US now where he could qualify independently?

Is there any tax implications on transferring the deed over, along with any equity?

Contact your lender first. Contact a CPA 2nd. If that doesn%26#039;t work, one thing you might be able to do is to add your son to the title with a quit claim deed, so he%26#039;s at least a joint owner with you, and try to see if you can refinance it putting the financing solely on him. You would then sign another quit claim deed after closing releasing your rights in the property to him. This won%26#039;t work with every bank, but a good loan officer can help you get through this.

Can I transfer title in my sons name without spending on refinancing?

Do it with him and the refinancing guy

Can I transfer title in my sons name without spending on refinancing?

You can not affect the title of the property because you guaranteed the title ownership on the mortgage and any change to the title that would take place would place the holder of the mortgage in jeopardy and force an acceleration of the promissory note. Your best bet would be to first try to get a novation of the existing promissory note and mortgage to allow having his name added to the note and mortgage then you will be able to deed him an undivided interest in the property. Then if you live in any of the 10 states that allow it I would deed my interest to my son on a Deed on Death.

If the bank will not allow a novation, then you will have to have your son apply for a refinance showing the proof of payments that have been made on the existing note and mortgage as one of the reasons why they should allow the refinance.

Buena Suerte

Can I transfer title in my sons name without spending on refinancing?

You can transfer the house to him with a quitclaim deed. Get one at your local auditors office or on-line. File it with the auditor.

Can I transfer title in my sons name without spending on refinancing?

There are 2 different issues involved. A name listed on title is a reflection of legal ownership of said property. If that is all you are concerned with, a quick claim deed can be used to add your son to the title and even remove yours. However, the mortgage and legal responsibility of repayment would be yours. A mortgage is a separate issue. In order to completely transfer responsibility of repayment of the mortgage from you to your son, then, yes, you would need to either refinance the property into your son%26#039;s name after quick claiming him onto the title or you would need to sell the property to him-a refinance would be the least expensive option of the 2. Have a mortgage professional help you weigh your options. I happen to be a Senior Loan Officer and would be more than happy to assist.

Can I transfer title in my sons name without spending on refinancing?

YES IT IS VERY EASY YOU CAN DO IT YOURSELF OR GET A REAL ESTATE ATTORNEY TO FILE IT FOR YOU AND IT IS NOT EXPENSIVE. ALL YOU NEED TO DO IS SIGN A QUIT CLAIM FORM AND FILE AT THE COURTHOUSE. EIGHT YEARS AGO I GAVE MY HOME TO MY DAUGHTER AND PAIN $150.00. I CHOSE TO DO IT WITH AN ATTORNEY TO MAKE SURE THAT EVERYTHING WAS LEGAL. OH! BY THE WAY YOU NEED TO ADD YOUR SON TO THE DEED OF THE HOUSE FIRST THEN DO THE QUIT CLAIM.

GOOD LUCK

Can I transfer title in my sons name without spending on refinancing?

First see if the loan is assumable, if it is, have your son assume the loan, then quit claim the deed to him. If not, then transfer the property into a trust, have the trust make the mortgage payments, then transfer the trust to your son.

Another way is to lease purchase option the home to your son. That way it would be considered a refinance rather than a purchase loan, which will likely give him a better position to obtain a loan in his name.

The quit claim/warranty deed (depending on your state), will allow you to transfer ownership of the property. However, if the lender finds out that title has been transfered to your son, they can call the loan due. The way the lender finds out is when you go to record the deed. If you don%26#039;t record the deed, then your son would have legal document giving him ownership to your home, hence his ability to take all advantages of home ownership, but if there is ever a dispute as to who owns the home (for example, you quit claimed the deed to your daughter at a later time), the judge will look to see who recorded the deed first. Also, you would be responsible for the mortgage.

Regards

Can I transfer title in my sons name without spending on refinancing?

You can transfer title, but you can%26#039;t transfer the loan.

You can either sell the house to your son (incurring closing costs) or let him refinance it (also incurring closing costs). Refinancing would be the cheapest and easiest way to go. If your son paid with a check for the last twelve months and can provide copies of the cleared checks and/or bank statements, then refinancing will be simple.

Good luck!

Can I transfer title in my sons name without spending on refinancing?

I would recommend consulting an attorney. You here that a lot but the truth is, if there is a Due on Sale Clause in your mortgage note and you transfer the title to your son or an entity without permission from the lender, who holds a lien against the property, then they could call the note due immediately (If they find out). Your risk. You may be able to add his name to the title, but to fully transfer the title to him you%26#039;ll probably need an exception from the lender.

Can I transfer title in my sons name without spending on refinancing?

Depends on the State, but should not be hard or costly. The easiest way is to add his name first, then do a full transfer later. Lenders do not like transfers, but after he was on a Title for a year, it%26#039;s easy.

In California it costs about $50 to add a son to the Title.

You can do it yourself at a county Recorder%26#039;s Office or ask your agent to help (the one who worked with you when you bought the house.)

I%26#039;m a real estate agent in California and I%26#039;ve done this for my clients.

Can I transfer title in my sons name without spending on refinancing?

You can not transfer the obligation and mortgage to your son, because you and your wife signed the note and loan documents which is a legal contract.

NOw if you just want to sign teh property over to him call a title company, make an appointment go to the title company where you and all concerned will be required to sign a quit claim deed after which the title company%26#039;snotary will notarize the document..

Now if your son has been paying the mortgage each month from his own personal checking account, not through yours and your wife%26#039;s checking accout, but through his. If he also has been paying the insurance and taxes through his own bank accout and you are able to prove that in excess of a year or more, you should be able to find a mortgage broker that will REFINACE the property for him.

He will have to bring the cancel checks for at least 12 months of mortgage history from his personal checking account, proof of paying the insurance and taxes out of his own personal checking account.

He will also need the following documents to get started

#1 Six months of bank statements from the banks she use. (This could also be used a proof that he has been making the mortgage, insurance and taxes if the checks sent to the mortgage company, insurance and tax office are on the bank statements.

#2 One month of pay stubs from his current job. He should have been at the same job for at least 2 years or the same career field with no gaps between jobs.

#3 2 years of federal income taxes with the W-2s

The mortgage broker will complete and mortgage loan application adn run a credit check.

The credit check will basically tell if he is qualified as well as the interest rate he is qualified for.

If this proof is enough then all the closing cost could be rolled into the refinance if there is enough equity in the house.

I hope this has been of some use to you, good luck.

%26quot;FIGHT ON%26quot;