Transferring ownership of mortgaged property

[Anonymous]

If I owe a mortgage on a property. Can I transfer the title to my son and still keep paying on the mortgage?

[aaron]

Yes, for example by executing a quit claim deed; although your son would take the property subject to the mortgage. If you didn't pay, unless he pays in your place they could still foreclose.

[locke999]

hi

a quit claim deed does not transfer title. also one cannot quit claim to someone who does not own the particular property. as you can see i can quit claim my rights to all the property on the planet.if you do change title the mortage company will want there money.

best way is to put the property in the name of a trust and give the trust to

you son.

moke

[aaron]

Certainly, you can "quit claim" property to which you have no title. But that's irrelevant to the present scenario.

If the owner has title that can be conveyed to a trust, the owner has title that can be conveyed by a quitclaim deed. (Further, any conveyance to a trust would often be by quitclaim.)

I should have mentioned earlier that any conveyance such as the one described should take into consideration possible gift tax consequences.

[locke999]

hi

aaron

please put me right?

a quit claim deed changes title?
transfering equity by quit claim is the same as transfering equity to a trust?

i quit claim my equity in the brooklyn bridge to my son, he now owns the
bridge.?

moke

[aaron]

It isn't difficult:

If you don't have title to convey to your son by quitclaim, you don't have title to convey to a trust on behalf of your son.

If you do have title to convey to a trust, a title which you would likely convey to the trust by quitclaim, you have title which can be directly quitclaimed to your son.

Simple enough?