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Lucy, Esq.
Lucy, Esq., Lawyer
Category: Real Estate Law
Satisfied Customers: 30167
Experience:  JA Mentor
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Is it possible to transfer or add my son to my house loan.

Customer Question

is it possible to transfer or add my son to my house loan.
JA: Because real estate law varies from place to place, can you tell me what state this is in?
Customer: iowa
JA: Has any paperwork been filed?
Customer: i have a existing loan that is 5 years old, i quick claimed him on the deed he lives in the house and makes the morgage payments. concerned what will happen if something happens to me.
JA: Anything else you want the lawyer to know before I connect you?
Customer: don't think so
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  Lucy, Esq. replied 1 year ago.


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.

If you have any questions or concerns about my response, please reply WITHOUT RATING. It's important that you are 100% satisfied with my courtesy and professionalism. Otherwise, please rate my service positively so I am paid for the time I spend answering questions. If you are on a mobile device, you may need to scroll to the right. There is no charge for follow-up questions. Thank you.

Expert:  Lucy, Esq. replied 1 year ago.

Do you have any other questions about this?