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ASsuming a Mortgage |
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Can I have my daughter just take over my mortgage and line of credit? Will a quick deed do this? |
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Signing a quit-claim deed will make her the owner, but it does not relieve you of your liability for the loans. That can only be done by the lenders.
If your daughter is becoming the owner of the property, some mortgages, mostly VA and FHA, will allow her to take over the debt, if she meets financial qualifications. Other mortgages must be paid off when there's a change in ownership, though your lender might make an exception for a transfer within a family. I know nothing about your line of credit.
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Edith
Originally published on June 19, 2009 |
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