Possibility of Transfer of Ownership of house with a mortgage to another family member?
Basically I bought a house around 6 years ago which I bought out a mortgage for from a bank. The ownership of the house and the mortgage is under my name but the deed of the property is in the possession of the mortgage company which they took as security when I took out the mortgage.
Due to the recession, I was laid off my job and haven't been able to pay for the mortgage payments every month.
Thankfully my sister kindly agreed to pay the mortgage for me and she has done so for quite some time now. I now want to transfer the ownership of my property into my sister's name as I don't think its fair for the house to be in my name when I'm not paying for it.
Now the mortgage company have been getting their payment every month and it goes out of her account which I can prove. What I wanted to know is whether or not it would be possible for me to transfer the ownership of both the property and the mortgage in my sister's name. I don't want to sell it to her, I just want to transfer both into her name.
Do I need to contact the mortgage lender? Will they allow the transfer to go through? What are the legal complications for this? What do I have to do? Also will any credit card debts secured against the house effect the transfer or is to the mortgage lender, is the property one thing and the credit card something else? I've heard of a "quit claim deed" but I don't know if this is appropriate in my case due to the mortgage still being paid off. (My sister has told me that she doesn't mind taking on the mortgage so this isn't a problem).
I really don't know where to start so the help will be much appreciated!
It looks like the transfer of mortgage will be a no go but if i did only want to transfer the ownership of the property, how I would I go about doing this?
Would it just be me held liable for the mortgage or both of us seeing as the property would be in her name and the mortgage in mine?
What are the legal complications for this?