Posted on: 25th Mar, 2010 08:33 am
Hello,
I currently have a mortgage on a family home (House #1). I am the only name listed on the mortgage and deed.
Can I somehow transfer the deed to someone else, but I remain to pay the mortgage?
I co-own House #2 with my sister. We both are responsible for 50% of the mortgage. Recently, she has stopped paying her 50% and the house is about to foreclose. I cannot afford her half of the mortgage, especially since she is collecting rent from her tenants and still refusing to pay.
She refuses to work with me, so I am concerned that when we foreclose or whatever happens, the bank will try and take my assets (House #1) as payment.
I learned my lesson about getting involved with family - never again!
In the meantime, what can I do to protect House #1? I would like to sign it over to another family member or someone else until this whole mess is over. I don't know if that is possible though.
Please help!
Thanks,
Jen
I currently have a mortgage on a family home (House #1). I am the only name listed on the mortgage and deed.
Can I somehow transfer the deed to someone else, but I remain to pay the mortgage?
I co-own House #2 with my sister. We both are responsible for 50% of the mortgage. Recently, she has stopped paying her 50% and the house is about to foreclose. I cannot afford her half of the mortgage, especially since she is collecting rent from her tenants and still refusing to pay.
She refuses to work with me, so I am concerned that when we foreclose or whatever happens, the bank will try and take my assets (House #1) as payment.
I learned my lesson about getting involved with family - never again!
In the meantime, what can I do to protect House #1? I would like to sign it over to another family member or someone else until this whole mess is over. I don't know if that is possible though.
Please help!
Thanks,
Jen
Your query has been replied to in the given page:
http://www.mortgagefit.com/propertytransfer/deed-keeploan.html#156931
Take a look at it. Hope it helps you.
http://www.mortgagefit.com/propertytransfer/deed-keeploan.html#156931
Take a look at it. Hope it helps you.