There are a few things that you need to know and consider before removing your name from the deed of the house. To begin with, the mortgage and the deed are two different animals. The mortgage is the security instrument that protects the bank who lent the money to purchase the home. The deed is the actual document that makes you and your son the owners of that particular property. In NJ (and many people get this wrong), the names on the deed must be consistent with the names on the mortgage. There are very few exceptions to this rule which do not seem to apply in your case. Therefore, if you and your son signed the mortgage and other loan documents, both of your names must appear on the deed. When you do a deed transfer to remove your name, you will simply have an attorney or other qualified professional draft a new deed removing your name from the deed. That new deed will then be recorded in the County where the property is located. However, it is very important to keep in mind that many mortgage lenders will require you to obtain their permission before you can do a deed transfer. If you elect to do such transfer without obtaining the lender's approval, the lender can consider that a breach of the terms of the loan and call the loan due. This means that they can ask for all of the money they are owed in one shot. While it is unlikely that the lender will do this (as they usually won't bother you as long as they are getting their payments every month), you must know that this is a potential risk. Also, keep in mind that removing your name from the deed will not remove your name from the mortgage. By removing your name from the deed, you are still responsible for the mortgage payments while stripping yourself of the benefits of ownership. In order to remove yourself from the mortgage, your son will need to refinance under his name only and pay off the current mortgage in full.
If the papers that you signed were mortgage documents, you would need to review the mortgage documents and possibly obtain the lender's approval to learn whether you can remove your name from the Deed.
You should consult with a real estate lawyer to review the papers that you signed so that you can learn exactly what your rights and responsibilities with respect to this property are. accurate
This response is for general education purposes only and does not constitute legal advice or create the establishment of an attorney-client relationship.