Posted on: 05th Jan, 2009 11:06 am
I want to deed the property to the tenant for what is owed on the house so that i can get out from under the property and the mortgage. The tenant is agreable to this and the mortgage is a fair price.
hi markms,
as you are selling the property, you can sign a warranty deed and give away the property to your tenant. once the property ownership is transferred, you can then ask the tenant to refinance the mortgage in his/her name. this will release you from the financial liability of paying the mortgage.
however, in order to refinance the mortgage, the tenant needs to have a good credit score and income history.
thanks
as you are selling the property, you can sign a warranty deed and give away the property to your tenant. once the property ownership is transferred, you can then ask the tenant to refinance the mortgage in his/her name. this will release you from the financial liability of paying the mortgage.
however, in order to refinance the mortgage, the tenant needs to have a good credit score and income history.
thanks