Posted on: 01st May, 2010 01:53 pm
If my friend has a mortgage on a house that I want to pay cash for, can we transfer the name on the deed from her's to mine without the mortgage being paid off? I'd like to write a check to the mortgage company for the pay off amount after the deed has my name only on it.
You will have to ask your friend to transfer the property in your name with the help of a quit claim deed. Property can be transferred to someone else with a mortgage on it. However, the lender will either want you to refinance the loan or to pay off the mortgage dues immediately.