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The mortgage loan is under my name but my mother has been paying can I transfer the full loan to her?

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a3rdant Joined: 28 May 2011 Posts: 2 1.72 Dollars($)	Posted: Sat May 28, 2011 11:33 am    Post subject: The mortgage loan is under my name but my mother has been pa Like 0 Dislike 0 I helped out my parents get a mortgage loan years ago I was in my early twenties with good credit didn't really know what the whole process was and what it meant to have this loan under my name. I just really wanted to help them out without thinking about the consequences it would bring later in life as I got older. So my real question is I have never made any payments on the loan it was my parents who primarily paid for it all these years will the mortgage lender in this case bank of america home loans california transfer the loan over to them since they where paying for it anyways from the beginning? Any advice would be helpful thank you.
smithsussane Joined: 18 Sep 2008 Posts: 10439 Location: Alaska 985.83 Dollars($)	Posted: Sun May 29, 2011 9:54 pm    Post subject: Like 0 Dislike 0 Hi a3rdant! Welcome to forums! Your parents will have to refinance the mortgage or go for a novation in order to get the mortgage in their names. In order to do so, they should have a good credit score and income. If they satisfy the required criteria of the lender, they will be able to qualify for refinance or novation. Feel free to ask if you've further queries. Sussane
tomburris Community Expert Joined: 03 Oct 2007 Posts: 135 Location: North Dallas 19.12 Dollars($)	Posted: Thu Jun 02, 2011 1:13 pm    Post subject: Like 0 Dislike 0 they will have to refinance. you 'might' get somewhere with the bank by having them assume the loan. worth a phone call. _________________ Tom Burris Mortgage Banker 214-763-4629 cell/text/nights/weekends http://www.dallasloanguy.com/ Location: North Dallas, TX Coverage: The entire Great State of Texas NMLS# 335055

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