Easiest way to transfer property to family member with mortgage still owed, Moving out of state.?
Property was bought in 2006
Owe around 580,000 to lender.
My mom would be the only borrower, she has good credit.
Would this be a refinance or new sale?
Property is in California.
- 1 decade agoFavorite Answer
If she is going to borrow the money then it would be a new sale. and in most cases if she is just going to give you what you owe on the home, the rates are very good right now if she has good credit, and the payments will be less.
- DebdebLv 71 decade ago
Call a lawyer or title company. Read your mortgage documents or deed of trust documents.
Most likely your loan will be due when you transfer the title, no matter how you transfer it. You need advice from a professional who lives in the same state you do.
- DianeLv 51 decade ago
you need to transfer the title, and she needs to get a mortgage. Unless your mother can assume your mortgage, it would be a new sale.
You should double check with a lawyer for the rules of where you are though. A lawyer has to do the title transfer anyway.