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About Eric Forster
Expertise
Did your last mortgage broker or lender trick you into a messy situation which could cost you your home? I've been close to 30 years in the mortgage industry, and I've seen it all. Believe me, it is not pretty. As the owner of a mortgage company I am called frequently to testify as an expert witness in mortgage fraud cases and other cases where lenders did not fully disclose the terms of the loans they were offering to the borrowers. I have seen fraud being committed by borrowers - and by lenders. It's a tough world out there.

Experience
More than 25 years in loan production and underwriting in Southern California.

Organizations
Mortgage Bankers of America (Southern California Chapter)

Publications
Former columnist for AOL Financial Center and the author of a mortgage primer.

Education/Credentials
MBA (Finance)

You are here: Experts > Shopping > Home Buying/Selling > Real Estate Home Mortgages > Transfer Title to Daughter and Son

Real Estate Home Mortgages - Transfer Title to Daughter and Son

Expert: Eric Forster - 6/18/2009

Question
Hello Mr. Forster,
I just want to have some questions and thank you for your time. Currently I owed 245k on the mortgage (value of property is around 500k) and now I want to transfer the house (taking my name off the title) and mortgage loan to my daughter and my son. Where should I get start?

Answer
Sally -

There are three separate issues here:

1. Deeding the property over to the children.

2. Getting your name off the title.

3. Getting your name off the mortgage.

The first two issues can be resolved by you executing a deed and recording it. The correct way of doing it is with the help of either an escrow officer/title office/attorney (depending on what's customary in your state) and insuring the title transfer by purchasing title insurance. In California you'd use an escrow company, while in New York, an attorney. In most states you'd use a title company.

Getting your name off the mortgage is a more complicated issue; it can be done only by replacing the existing mortgage with a new one, issued in the names of your son and daughter. Obviously, they would have to apply - and be approved - for the new mortgage.

Best wishes,

Eric

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About Real Estate Home Mortgages
This topic answers questions related to purchasing a home, owning a home, home ownership, mortgage education, mortgage applications, and mortgage needs whether buying a first home or refinancing a current loan. Issues related to home ownership, home equity, mortgage education, refinacing options, home improvment finacing, first time home loans, home equity loans, vactation home loans, and mortgages for investment homes are dealt with here also. Though not the primary focus of this topic, Home Equity Lines of Credits (HELOCS), reverse mortgages, and calculating home equity may also be asked. If you do not see your home mortgae, home finacing, or home equity question answered in this area then please ask a question here