Posted on: 01st Apr, 2010 10:29 pm
I have owned a 2 unit building for 10 years and have a mortgage with a fair rate of interest which I wish to maintain. I am thinking of selling a 25% interest in the building but the mortgage is non assumable. Would this be possible if I continue to pay the mortgage and the mortgagor is not informed?
You can add a person to the property deed and give him/her a share of your property. It is better to inform the lender about the change in ownership as he will want both the owners of the property to be on the mortgage docs. If your loan is non-assumable then you and the other co-owner can refinance the loan.