Quit claim and mortgage transfer or refinance?

Skratchmoney · Joined: 15 Mar 2008 Posts: 1 1.36 Dollars($)

I recently purchasedy first condo and the title is under my
name and the loan under my name also. I am no longer interested in the property and would like to transfer the title and loan to my mother. How do i go about transferring the title and the mortgage so I can be free of the responsibility. The condo is currently being rented out and I recently got engaged and would like to but a house. Having the condo under my name will cause problems for my fiancé and I to get a apprved for a house. I thought of selling but I don't want to kick out my tennants and my mother would rather have it. Any help?

jerry

Hi Skratchmoney,

Welcome to the forums.

In order to transfer the condo and the loan over to your mother, you'd have to sign on a quitclaim deed. Please read an earlier discussion on this issue at http://www.mortgagefit.com/quitclaimdeed/transferhouse.html .

For transfer of loan, check out if your lender agrees for a novation .

Thanks,

Jerry.

larry · Joined: 27 Jun 2007 Posts: 2911 403.68 Dollars($)

Hi Skratchmoney,

Welcome to the forum.

Jerry has given you sound info. You can quitclaim the property to your mother but first of all you will have to inform the lenders about the quitclaim and check out if they can allow your mother for the navatio as Jerry has also mentioned above.

If they cannot allow her for novation then your mother will have to refinance the mortgage in her own name to get you out of the mortgage.

Feel free to ask if you have any further questions.

Best of luck,
Larry

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