Posted on: 03rd Nov, 2009 07:02 pm
I'm selling my house in Florida to my friend, but he doesnt quaify for the loan, is there any way I can sell to him by transfering the title?, but I still have my mortgage payment.
Bad idea...very bad idea. The sale of your home is a business transaction. No special deals for friends. Today they are your friend, tomorrow they are not and then you are left with a mortgage balance and no title to the home.
Hi alfy!
Welcome to forums!
If your friend cannot qualify for a loan then it would be difficult for you to sell the property to him. Though you transfer the property to him, you would still be responsible for the mortgage payments. Moreover, if there's a due on sale clause mentioned in your mortgage docs, then the lender can call the loan due immediately as you sell off the property.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
If your friend cannot qualify for a loan then it would be difficult for you to sell the property to him. Though you transfer the property to him, you would still be responsible for the mortgage payments. Moreover, if there's a due on sale clause mentioned in your mortgage docs, then the lender can call the loan due immediately as you sell off the property.
Feel free to ask if you've further queries.
Sussane
