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  1. #1
    Join Date
    Sep 2004
    Posts
    758

    Default Transferring ownership of mortgaged property

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

  2. #2
    Join Date
    Mar 2005
    Location
    Michigan
    Posts
    28,906

    Default Transfer of Mortgaged Property

    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.

  3. #3
    Join Date
    Apr 2005
    Location
    california
    Posts
    12

    Default real estate

    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

  4. #4
    Join Date
    Mar 2005
    Location
    Michigan
    Posts
    28,906

    Default Quitclaim and Trust

    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.

  5. #5
    Join Date
    Apr 2005
    Location
    california
    Posts
    12

    Default deeds

    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

  6. #6
    Join Date
    Mar 2005
    Location
    Michigan
    Posts
    28,906

    Default

    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?

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