Millions of U.S. homeowners have purchased homes “subject to” an existing mortgage. If they fail to make the payments, they can lose their property by foreclosure. That is your son’s situation. What matters is he must be on the title and be legally obligated to make the payments or risk losing the property. When you added his name to the title, he became eligible to claim the income-tax mortgage interest and property-tax deductions. Personal Finance 101 - A Beginner\'s Guide: What Every High School and University Student Needs to Know About Debt, Credit, and Money!

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