Posted on: 03rd Jul, 2011 06:27 pm
Transferring a home or property into a family members name.
Hi Guest,
Once you transfer the property to your family member, that person will become the owner of the property. However, you should ask that person to refinance the mortgage, if any. If the person does not do so, you'll still remain liable for the mortgage payments.
Thanks
Once you transfer the property to your family member, that person will become the owner of the property. However, you should ask that person to refinance the mortgage, if any. If the person does not do so, you'll still remain liable for the mortgage payments.
Thanks
From whose perspective are we to describe a worst case scenario?
I'd say that the overall worst thing that can happen is that a lender doesn't get paid, and forecloses on the property and the entire family is without the property as a result.
What is the rationale behind the question?
I'd say that the overall worst thing that can happen is that a lender doesn't get paid, and forecloses on the property and the entire family is without the property as a result.
What is the rationale behind the question?
