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Richard
Richard, Attorney
Category: Legal
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Experience:  Attorney with 29 years of experience.
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If u owe a small amount on your home say 40,000 can u put it

Customer Question

If u owe a small amount on your home say 40,000 can u put it in your son's name
Submitted: 1 year ago.
Category: Legal
Expert:  Richard replied 1 year ago.

Good evening. My name is ***** ***** I look forward to helping you.

Yes, you can transfer the house without causing an acceleration of the mortgage. The assignment of the property to your son will be subject to the lien securing the existing mortgage so if the monthly payments are not made, the lender would have the right to foreclose on its lien on the property. But, pursuant to the following Federal law, the lender cannot accelerate the loan due to the transfer:

"

12 U.S. Code § 1701j–3 - Preemption of due-on-sale prohibitions

(d) Exemption of specified transfers or dispositions

With respect to a real property loan secured by a lien on residential real property containing less than five dwelling units, including a lien on the stock allocated to a dwelling unit in a cooperative housing corporation, or on a residential manufactured home, a lender may not exercise its option pursuant to a due-on-sale clause upon—

(6) a transfer where the spouse or children of the borrower become an owner of the property;"

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Customer: replied 1 year ago.
Please cancel my applecation on this
Expert:  Richard replied 1 year ago.

Did I not answer your question fully? If I misinterpreted your question in any way, please let me know. Thank you!

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