What can I do on taking over mortgages? 8 Answers as of February 25, 2014

Can my mother sign over her mortgage/house to me to finish paying off the mortgage, assume ownership of house?

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Pelsinger | Kenneth Pelsinger
Your mother can only put you on the deed once she takes her name off ownership the note becomes due.
Answer Applies to: New York
Replied: 2/24/2014
Law Offices of Linda Rose Fessler | Linda Fessler
It will be easier if you just make the payments for her.
Answer Applies to: California
Replied: 2/25/2014
Law Offices of Craig B. Friedberg, Esq. | Craig Friedberg
What is really being asked is whether you can assume the loan on the home from your mother. The home loan's promissory note may have language that allows this, but without reviewing it, it is not possible to answer the question. You should contact the lender/servicer and should consider contacting an attorney in your area for a more definite answer. Another option may be refinancing the loan.
Answer Applies to: Nevada
Replied: 2/21/2014
Meister & McCracken Law Firm, PLLC | Joanne M. McCracken
You should discus that with the lender. Even if you and she execute a document that says you will make the payments that is not binding on the bank. Unless she is released by the bank, she is still responsible for the mortgage. Deeding the house to you might trigger the due on sale clause in the mortgage. So consult an attorney or talk with the bank before taking any action.
Answer Applies to: Arkansas
Replied: 2/21/2014
The Law Office of Darren Aronow, PC
The Law Office of Darren Aronow, PC | Darren Aronow
You can not sign over a mortgage unless it is specifically an "assumable" mortgage. You should ask the lender if it is or not. If it is not then you would have to buy the house from her to get her off the mortgage.
Answer Applies to: New York
Replied: 2/21/2014
    Stacy Joel Safion, Esq.
    Stacy Joel Safion, Esq. | Stacy Joel Safion
    No you cannot. Your mortgage has a due on sale clause if you attempt to do that.
    Answer Applies to: California
    Replied: 2/21/2014
    Morelos Law Firm
    Morelos Law Firm | Andrea Morelos
    Title to the house and the mortgage on the house are two separate things. You can generally transfer property to whomever you want. But for the mortgage, she will have to contact her lender for permission. The terms and any restrictions are all spelled out in her promissory note and deed of trust. Typically, the Lender will have no problem with it but will want a bunch of steps followed, including doing a credit check and basically a sort of refinance or assumption "closing" because they have an interest to protect and they agreed to give a loan to a particular person based on HER credit and other credentials, so they want to feel comfortable about a new person taking loan over .
    Answer Applies to: North Carolina
    Replied: 2/21/2014
    Patrick W. Currin, Attorney at Law | Patrick Currin
    Some mortgages are assumable, some are not. Contact the lender has to that. Ownership is simply a matter of deeding the house over to you. If your mother puts the house in trust for your benefit you would stand to have better tax consequences than an outright gift, however.
    Answer Applies to: California
    Replied: 2/21/2014
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