Changing Name on the Deed to condo

[peppylady]

What is the name of your state? Fl

I own a condo with a mortgage.My son lives in it and pays the mortgage every month, the mortgage is in my name. He's been paying for the mortgage for 2 years now. Is there a way that I change the name on the deed and keep the mortgage in my name? His credit is not that good. Can we just do an assumable mortgage with a title company, There is very little equity in the condo due to the prices going down on homes in florida. If I change the name on the deed will I be forced by the mortgage company to the pay the mortgage off? I really doubt he can get a mortgage at this time, Any help would be appreciated.

Thanks

 

[LindaP777]

If I change the name on the deed will I be forced by the mortgage company to the pay the mortgage off?

Yes, it could. Your mortgage has a "due on sale" clause. If you sell it, or change owners, the bank will want their money.
Some lenders (i.e. National City) allow you to transfer deed and mortgage to a child (but I would assume the child would have to go through a credit check). Start by calling your bank and asking them.

 

[FlyingRon]

Garn-St. Germain prohibits due on sale clauses from being enforced when property is transferred to spouse or children of the borrower.