Posted on: 19th Nov, 2008 09:05 am
i own a church property and would like to transfer the title of this property to the church (a non-profit entity). can i do this with just a quit claim deed? would i need approval from the bank (mortgagor on the property) to transfer this title? i would assume the bank is only concerned with the guarantors of the mortgage -- these guarantors will not change. thanks.
if you review your mortgage documents, i feel certain you'll find that transfer of ownership will result in the loan being due and payable in full. as a result, you'll want to notify the bank of your intentions so that there are no surprises on either side and that it will all work smoothly.
Hi Guest,
The bank isn't only concerned with the guarantors but also with the collateral. Just check if there's any penalty involved with such transfers. The lender may call the loan due if there's an acceleration clause associated with your mortgage. So, yes you need the approval of the bank.
Regards,
Jessica.
The bank isn't only concerned with the guarantors but also with the collateral. Just check if there's any penalty involved with such transfers. The lender may call the loan due if there's an acceleration clause associated with your mortgage. So, yes you need the approval of the bank.
Regards,
Jessica.
