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....my son wants to help me buy a home. I have the downpayment but no credit....HE DOES and is prequalified. However, he wants me to be on record with the state (Louisiana) that I am the owner because I will be responsible in paying the mortgage, taxes, etc. on the property. Is their such a thing as 'transfer of title/ownership' of a mortgaged property (house) after a home sale?
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Posted: Aug 21, 2009 at 10:06 AM
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Yeah he could title it over to you after the sale. Happens all the time, especially within families. Theoretically the mortgage company could have kittens and throw a hissy fit over his deeding the property away. Because he is the qualifying borrower, he will still remain liable for the payments, taxes, etc. if you are late. He does not get out of the responsibility by deeding it over to you .
There could be Louisiana issues that I don't understand since I live in California. Best to get a local real estate attorney for specifics.
Oct 4, 2009 at 10:36 PM
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