Can my brother transfer his loan mortgage to one of us? 26 Answers as of April 30, 2013

My sisters and I are on the deed together with my brother. However, the only person that is on the loan is my brother.

Ask a Local Attorney. 100% Anonymous. Free Answers.

Free Case Evaluation by a Local Lawyer: Click here
LAW OFFICE OF ROBERT I LONG
LAW OFFICE OF ROBERT I LONG | Robert I. Long
No.
Answer Applies to: California
Replied: 4/15/2013
Goldsmith & Guymon
Goldsmith & Guymon | Dara Goldsmith
The question is really whether the loan may be assumed, and if so what steps are necessary to take with the lender if the loan is assumable. Without reviewing the promissory note it is impossible to answer the questions. Accordingly, you need to review the promissory note and you may wish contact the lender or speak with an attorney if you should have any questions. If the loan is not assumable an option may be to refinance the existing loan.
Answer Applies to: Nevada
Replied: 11/27/2012
Victor Varga | Victor Varga
That's up to the bank.
Answer Applies to: Maryland
Replied: 11/27/2012
Law Office of Pamela Braynon | Pamela Y. Braynon
That is a question for the mortgage company. Each company has their own set of rules for this type of situation.
Answer Applies to: Florida
Replied: 11/25/2012
Law Offices of Frances Headley | Frances Headley
It depends upon the wording of the mortgage but in all likelihood refinance is the only way to transfer the loan to one of you.
Answer Applies to: California
Replied: 11/22/2012
    Frederick & Frederick PLC | James P Frederick
    No, this cannot be done. Your brother could refinance, and at that point, you could all be added. Otherwise, the original loan stands, as is.
    Answer Applies to: Michigan
    Replied: 11/22/2012
    Law Office Of Victor Waid
    Law Office Of Victor Waid | Victor Waid
    Probably not without the lender's consent, as the lender generally has a due on transfer clause in the loan; the lender has the right to qualify the new borrowers as to their ability to perform the loan terms. Once qualified, the lender will have the new borrowers sign assignment documents transferring the loan; however, the original borrower will remain secondarily liable in case new borrowers don't perform the terms of the loan. Probably best to obtain new loan, thereby relieving the original borrower of any liability.
    Answer Applies to: California
    Replied: 11/21/2012
    The Law Offices of Laurie E. Ohall, P.A.
    The Law Offices of Laurie E. Ohall, P.A. | Laurie E. Ohall
    In order for the loan to be put in someone else's name, you would have to refinance the property or qualify for a new mortgage and pay off the old one. You cannot just transfer the mortgage into another individual's name without the mortgage company's approval.
    Answer Applies to: Florida
    Replied: 11/21/2012
    Richard E. Damon, PC | Richard E. Damon
    No.
    Answer Applies to: California
    Replied: 4/30/2013
    Law Office of Edward M. Burgh, APC | Edward M. Burgh
    It would up to the lender but having more borrower is an advantage so the bank should go along depending on your credit.
    Answer Applies to: California
    Replied: 11/21/2012
    CARL C SILVER ATTORNEY AT LAW
    CARL C SILVER ATTORNEY AT LAW | Carl C Silver
    Only if the mortgage company agrees to it.
    Answer Applies to: Michigan
    Replied: 4/30/2013
    The Schreiber Law Firm
    The Schreiber Law Firm | Jeffrey D. Schreiber
    No. Not without the consent of the lender.
    Answer Applies to: California
    Replied: 11/28/2012
    Gates' Law, PLLC | Thomas E. Gates
    You cannot transfer the loan, you would need to refinance.
    Answer Applies to: Washington
    Replied: 11/21/2012
    TrustCounsel | Gregory Herman-Giddens
    Only with authorization from the bank.
    Answer Applies to: North Carolina
    Replied: 4/30/2013
    Charles M. Schiff, Attorney at Law
    Charles M. Schiff, Attorney at Law | Charles M. Schiff
    He cannot transfer his contract with the loan company without their consent. You can however make the payments if you are concerned about his making those payments. I am curious how your brother was able to get this loan if he is a joint owner of the property. The loan company would need collateral for its loan. If your brother was a joint owner at the time the loan was made, he would only be able to give a mortgage lien against his interest in the real estate.
    Answer Applies to: Minnesota
    Replied: 11/21/2012
    Law Offices of Frank D. Granato
    Law Offices of Frank D. Granato | Frank Granato
    You need to discuss the matter with your lender.
    Answer Applies to: California
    Replied: 11/21/2012
    La Office of William H. Von Willer | William H. Von Willer
    It would be up to the mortgage holder to consent to an assignment of the loan to someone besides your brother. Of course, you would have to consent as well.
    Answer Applies to: Indiana
    Replied: 11/21/2012
    The Taylor Law Office L.L.C.
    The Taylor Law Office L.L.C. | Ian A. Taylor
    This is not necessarily a legal issue. You and or your brother need to contact the mortgage company to see if you as borrowers qualify to assume (take-over) the mortgage. The mortgage company will be able to help transfer the mortgage if you qualify. An independent attorney may be able to help sort out any issues that may arise if you decide to take on the mortgage or keep it with your brother.
    Answer Applies to: South Carolina
    Replied: 11/21/2012
    Law Offices of Charles R. Perry
    Law Offices of Charles R. Perry | Charles R. Perry
    The only way to transfer the mortgage is with the consent of the lender. Any attempt to transfer the mortgage without the lender's consent will be void as to the lender, who will still have all its rights against your brother.
    Answer Applies to: California
    Replied: 11/21/2012
    Neil J. Lehto, Esq.
    Neil J. Lehto, Esq. | Neil J. Lehto
    The loan mortgage is between your brother and the lender only. He cannot make you liable on the mortgage without your consent by signing a mortgage yourself with the lender. There is absolutely no reason for you to do so because as a co-owner on the deed you can pay if he fails to do so and, if you were a co-owner before he signed his mortgage, the lender cannot foreclose against you or your sister's interest in the real estate, which, as a practical matter, makes doing so of little value to the lender.
    Answer Applies to: Michigan
    Replied: 11/21/2012
    Winnick Ruben Hoffnung Peabody & Mendel, LLC | Daniel N. Hoffnung
    The general answer is no. You would need to refinance in your names.
    Answer Applies to: Connecticut
    Replied: 11/21/2012
    Hamblin Law Office | Sally Hamblin
    That possibility would have to be answered by the mortgage holder whether anyone can assume the debt.
    Answer Applies to: Michigan
    Replied: 11/21/2012
    Musilli Brennan Associates PLLC
    Musilli Brennan Associates PLLC | John F Brennan
    Then it would appear that it is your brothers loan, with the loan being secured by the mortgage on the house. It will be up to the bank as to whether or not they are willing to transfer the property or liability for the note to another party. You could refinance.
    Answer Applies to: Michigan
    Replied: 11/21/2012
    THE BROOME LAW FIRM, LLC
    THE BROOME LAW FIRM, LLC | Barry D. Broome
    Talk to the mortgage company. They like as much securtity for their loans as they can get. Barry Your financial plan is not complete until it is co-ordinated with your estate plan. Will your family be provided for when you are gone? Without a Will, the court will decide.
    Answer Applies to: Georgia
    Replied: 11/21/2012
    Sebby Law Office
    Sebby Law Office | Jayne Sebby
    You will need permission from your mortgage company. They may require you to obtain a new loan with everyone's name on it.
    Answer Applies to: Nebraska
    Replied: 11/21/2012
Click to View More Answers:
12 3 4 5 Free Legal QuestionsConnect with a local attorney