Posted by John on January 10, 2006 at 21:22:03:
It can be done and if you notify the mortgage lender they should be ok with it.
The real question here is; Why would you want to do this?
Please explain
Deed Information - Posted by Chris Tomczak
Posted by Chris Tomczak on January 10, 2006 at 08:22:00:
I just want to know if there is any way to put my name on a deed without getting involved with the mortgage? And does this make me a part owner?
Re: Deed Information - Posted by River City
Posted by River City on January 10, 2006 at 10:27:33:
Adding your name to the deed does make you part owner. You cannot just add your name to a deed. The current owner(s) must sign to have you added. The problems that arise are if there is a mortgage. Most lenders have a due on sale clause that authorizes them to call the loan due and payable in full if there are any “abnormal” changes in title. A husband may add his wife and vice versa and there would be no problems in this. However, one cannot add just anyone to the deed if there is a mortgage on the property without the possibility of repurcussions from the mortgagee.
Re: Deed Information - Posted by Chris Tomczak
Posted by Chris Tomczak on January 10, 2006 at 10:54:38:
Thank you for the info. What about in the case of Father and son? Is there anything that can be done in that situation?
Re: Deed Information - Posted by River City
Posted by River City on January 11, 2006 at 12:18:10:
I am not an attorney, however, I do know that some lenders will allow a parent to deed a son or daughter title to a property. If there is a mortgage on the property, I would suggest contacting the mortgagee and ask them before doing anything. In this case it is better to ask for permission than for forgiveness.