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 alfy_20027
Joined: 03 Nov 2009
Posts: 2
1.39 Dollars($)
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 Posted: Tue Nov 03, 2009 8:02 pm Post subject: selling a house |
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| I'm selling my house in Florida to my friend, but he doesnt quaify for the loan, is there any way I can sell to him by transfering the title?, but I still have my mortgage payment. |
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eric1
Community Experts
Joined: 04 Jan 2009
Posts: 1414
209.98 Dollars($)
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| Posted: Tue Nov 03, 2009 9:57 pm Post subject: |
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Bad idea...very bad idea. The sale of your home is a business transaction. No special deals for friends. Today they are your friend, tomorrow they are not and then you are left with a mortgage balance and no title to the home.
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smithsussane
Joined: 18 Sep 2008
Posts: 4546
Location: Alaska
445.32 Dollars($)
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| Posted: Tue Nov 03, 2009 10:51 pm Post subject: |
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Hi alfy!
Welcome to forums!
If your friend cannot qualify for a loan then it would be difficult for you to sell the property to him. Though you transfer the property to him, you would still be responsible for the mortgage payments. Moreover, if there's a due on sale clause mentioned in your mortgage docs, then the lender can call the loan due immediately as you sell off the property.
Feel free to ask if you've further queries.
Sussane |
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