Real Estate Law
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I'm Lucy, and I'd be happy to answer your questions today.
In order to add your son's name to the loan, it would be necessary to refinance in both your names. The bank has a lien on the house which prevents you from giving your interest to anyone else without paying it off, so that deed is actually not effective. Your son could get a loan in JUST his name if you want him to have the property - but he'd then have a right to sell the house and make you move out at any time. Another option is to add him to the deed as a Joint Tenant with Right of Survivorship, and add him to the loan. That would mean he would get the loan and the house when the time comes. The house would not be part of your estate and it would not go through probate.
But there's usually no process for adding someone to a loan without doing a credit check and refinancing the while thing. Most banks won't or can't just add a name.
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