Posted on: 01st Jan, 2010 01:55 pm
Hello.
My brother in law is receiving a property from his brother through quitclaim deed transfer. He stAtes that they will also get the mortgage automatically transferred. What should he be concerned with as far as the details of the deal? Does this sound too good? I am under the impression that the grantee would have to have their own mortgage.
My brother in law is receiving a property from his brother through quitclaim deed transfer. He stAtes that they will also get the mortgage automatically transferred. What should he be concerned with as far as the details of the deal? Does this sound too good? I am under the impression that the grantee would have to have their own mortgage.
i agree with you that an "automatic transfer" of the mortgage is far-fetched. this simply isn't the way lenders do business. do you know who the lender is? does your brother in law know?
it's not so much that it sounds too good to be true, but that it simply sounds incorrect. the former appellation strikes me as being something that isn't legitimate. this sounds more like something that has legitimacy but the detals are wrong.
and i agree with you that your b-i-l needs to obtain his own mortgage in order to take out his brother's debt. the only way in which this would work is if an assumption of the existing mortgage is being allowed - not a likely scenario in this market.
it's not so much that it sounds too good to be true, but that it simply sounds incorrect. the former appellation strikes me as being something that isn't legitimate. this sounds more like something that has legitimacy but the detals are wrong.
and i agree with you that your b-i-l needs to obtain his own mortgage in order to take out his brother's debt. the only way in which this would work is if an assumption of the existing mortgage is being allowed - not a likely scenario in this market.