Legal Question in Real Estate Law in New Mexico
I, my husband and son obtained an FHA loan together in order to purchase a home for my son to live in. The mortgage was based on him qalifying for a special low rate at that tme. My son wants to move. Can we have him sign a quit claim deed to give us total ownership of the home since he no longer wants to live there and we have made all the mortgage payments?
1 Answer from Attorneys
If you and your husband are principal signers on the loan together with your son, then he may quitclaim his interest in the property to you, but he will remain liable on the mortgage with you. If you are not principal signers, but co-signers, then the answer may be different. It takes a reading of your mortgage to see if there is a "due on sale" clause which requires that the mortgage be fully paid off if the property is sold. Your best advice is to consult a real estate attorney in your area.
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