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    carl or zelma june vinson's Avatar
    carl or zelma june vinson Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Aug 30, 2007, 09:59 AM
    Can I transfer my property to my son and keep the exixting loan on the property?
    DianeV Sr Loan Officer's Avatar
    DianeV Sr Loan Officer Posts: 76, Reputation: 9
    Junior Member
    		  
    #2

    Sep 1, 2007, 11:17 PM
    That is a question for a real estate atty. State laws differ and the lender does not usually allow it.
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
    Computer Expert and Renaissance Man
    		  
    #3

    Sep 2, 2007, 04:43 AM
    Quote Originally Posted by carl or zelma june vinson
    can i transfer my property to my son and keep the exixting loan on the property?
    Its not a good idea to piggyback your question on someone else's thread. This tends to cause confusion. So I've asked that this be moved to its own thread.

    Most mortgages have a Due on Sale clause that allows the mortgage holder to call the loan if the property is transferred. Also, since the mortgage represents a lien on the property, the purpose of a lien is to make sure the property isn't transferred without the lien being satisfied.

    So you need to talk to your lender before you do this. They will probably want to add your son to the loan.
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