Posted on: 04th Jul, 2011 10:13 am
I hold the mortgage on my daugthers apartment. Can she transfer ownership to me to satisfy the mortgage
That's up to you, Basil. Of course, if you're the lender then you can take back the home and do what you choose - rent it out, allow your daughter to continue to live there if she can give you something in the way of compensation, or kick her out and sell the place, move in yourself, or find someone else to move in.
You have lots of choices - they may not all be favorable, but they're various.
You have lots of choices - they may not all be favorable, but they're various.
thank you for your reply. I am the lender, how do I leally take over the property and have the mortgage satisfied.
You'll have to foreclose that mortgage. This is not something a layman is going to be adept at, so you'll need to consult with an attorney who can guide you through the process. It's not a pleasant process either, of course; nor is it going to be cheap.