Posted on: 04th Jul, 2011 07:17 pm
I moved out of my house almost three years ago because I could not afford the mtg anymore due to the economy going bad. My niece moved into the house and took over the mtg payments and I moved into an apartment. I don't want the house but of course it's still in my name.
I was told that after a certain amount of time of not living in the house I could just transfer it over to my niece. Was I told correctly and if so what would I need to do or who do I need talk to. I know I would have to speak to the bank that has the mtg.
If someone could get me pointed in the right direction I would be very grateful. Thanks
I was told that after a certain amount of time of not living in the house I could just transfer it over to my niece. Was I told correctly and if so what would I need to do or who do I need talk to. I know I would have to speak to the bank that has the mtg.
If someone could get me pointed in the right direction I would be very grateful. Thanks
Hi jdo!
Welcome to forums!
You can sign a quitclaim deed and transfer the property to your niece anytime you feel like. However, this won't transfer the mortgage that is in your name. You will have to ask your niece to refinance the mortgage in her name.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
You can sign a quitclaim deed and transfer the property to your niece anytime you feel like. However, this won't transfer the mortgage that is in your name. You will have to ask your niece to refinance the mortgage in her name.
Feel free to ask if you've further queries.
Sussane
Transferring the obligation to pay a mortgage is impossible, in reality. Having your niece make the payments is certainly acceptable, of course; and you and she ought to be able to work out an arrangement in which you'd transfer the property to her while she works to obtain her own mortgage.
There won't be any evidence on the lender's side that she's been making payments for the past 3 years, but if she has copies of checks or statements that reflect those payments, I'd guess that she'll have some good ammunition going in when she attempts to obtain her own mortgage.
There won't be any evidence on the lender's side that she's been making payments for the past 3 years, but if she has copies of checks or statements that reflect those payments, I'd guess that she'll have some good ammunition going in when she attempts to obtain her own mortgage.
