How can I transfer ownership even if I keep the mortgage in

ceeecee1 · Joined: 16 Aug 2008 Posts: 1 1.41 Dollars($)

I purchased a home for a friend with my credit and his money. He has lived in the property for a year now and has pd all the expenses and mortgage. We thought by this time his credit would be good and he would be able to get his own mortgage but this is not the case. He would like to be secure that if anything happened to him his family would own the home. Is there any way I can transfer the property to him? He is not a relative?

sweeney · Posted: Sun Aug 17, 2008 10:02 am Post subject:

Hello- Yes, you can do that with a quit calim deed. However, that will more than likely be a violation of the terms of your deed of trust and could allow the lender to call the note due. Something to be aware of. You could also talk to an attorney to see if you could skin the cat a different way, like an agreement in writing to give your friend security, or maybe some kind of lease to own contract or something.

Guest

I used my mom name and credit to purchased a home. past two year I'm
the one that make the payment using my checking account. Now is there
a way to transfer the mortgage payment back to my name and also the
my name is on the deed aslo.

jameshogg · Posted: Sun Jan 25, 2009 9:56 pm Post subject:

Hi PAT,

Your mother will have to sign a quitclaim deed in your name. Once she does so, you will have to refinance the mortgage in your name. This will help you in transferring the mortgage. But in order to refinance, you should have a stable income history and a good credit score.

Thanks

Guest

I am currently living in my house and am not on the mortage. The house is up for sale. I have no information as to when I will have to move. I am part owner on the property, but in the middle of divorce. Not sure what my rights are.

adonis · Posted: Mon Jan 26, 2009 10:39 pm Post subject:

Welcome jjjjjjjjj,

Once the property is sold, you will get a 3 day notice to leave the property. Once you get that 3 day notice, you will have to move away from the property.

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