Posted on: 18th Jul, 2010 07:06 pm
my daughter owns 2 condos, one in atlanta and one in birmingham. she rents the birmingham property and live is the atlanta property. is it possible to transfer her mortgage into my name so that i would be the owner and she has no liability for the mortgage? or do i have to buy the property from her and refinance?
Welcome tonto,
You daughter can sign a quit claim deed and transfer the property to you. Then, you need to refinance the home loan and take over the mortgage in your name. Once you do so, you would become the owner of the property and you would also be responsible for the mortgage.
You daughter can sign a quit claim deed and transfer the property to you. Then, you need to refinance the home loan and take over the mortgage in your name. Once you do so, you would become the owner of the property and you would also be responsible for the mortgage.