can I turn over the ownership of my house to my son and can he take over the exsisting mortgage?

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can I turn over the ownership of my house to my son and can he take over the exsisting mortgage?

Asked on May 12, 2009 under Real Estate Law, New York

Answers:

B. B., Member, New Jersey Bar / FreeAdvice Contributing Attorney

Answered 11 years ago | Contributor

Most mortgages contain what is called a "due on sale" clause, which means that when you sell the house, the balance on the mortage comes due at that time.  The mortgage is also a lien on the property.  You don't have the right to substitute someone else in your place, on the mortgage loan, on your own.

Some mortgages can't be transferred ("assigned") at all, but some can.  Either way, it doesn't hurt to ask your mortgage company, because they can't do anything against you just for asking the question.  They would certainly want your son to fill out a mortgage application and verify his income and so on, just as if he was getting a new mortgage himself.  And even if they wouldn't let him take it over completely, they might agree to add him to the mortgage with you, and let you put his name on the deed.

If you need more help with this, you should talk to a local attorney who does real estate work.  One place you can look for a lawyer is our website, http://attorneypages.com


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