Posted on: 13th Feb, 2013 01:46 pm
We've been current on our mortgage payments in our California condo but because the incoming rent doesn't cover the full mortgage, it's become quite burdensome. (We live in another house in the same state.) The market value is much less than what we originally paid for it about five years ago so selling it now wouldn't be prudent. Are we able to give the condo away to a friend or family member who then would take on all future mortgage payments? We don't want to foreclose but that's where we are ultimately headed. I just want to know if it's legal to transfer the condo to someone else. It seems like all would benefit: Us, because we wouldn't have to foreclose; the friend/family member because they wouldn't have to buy a place, only pick up where we left off; and the bank because they remain whole with payments and not have to deal with foreclosure or anything else. What are your thoughts?
hi guest!
welcome to forums!
you can transfer the property to a family friend or a relative but he or she will have to refinance the mortgage in his/her name in order to take up the payments. unless, he/she is able to do so, you will remain liable for the payments.
feel free to ask if you've further queries.
sussane
welcome to forums!
you can transfer the property to a family friend or a relative but he or she will have to refinance the mortgage in his/her name in order to take up the payments. unless, he/she is able to do so, you will remain liable for the payments.
feel free to ask if you've further queries.
sussane
you can surely tranfer the condo to a friend/family member through a quit claim deed. as stated by smith, the person to whom the property is transferred has to get the condo refinance in his/her name.