2006-08-07 02:51:18 · 7 answers · asked by G S 1 in Business & Finance ➔ Renting & Real Estate
No, the mortgage is still in the name of the person who originally took out this loan. If you still owe on your mortgage then the mortgage company most likely has a lean on your title preventing you from transferring it.
2006-08-07 02:58:31 · answer #1 · answered by B 7 · 2⤊ 0⤋
Most places you can not transfer the title of a piece of property with a mortgage without the mortgage company approving it.
They are not likely to agree to a change of title unless the new owner pays off the mortgage or assumes the existing one.
That is the only the assurance that the mortgage will be paid off.
2006-08-07 04:56:31 · answer #2 · answered by oil field trash 7 · 0⤊ 0⤋
No, the ownership of the home may be grant deeded or quit claimed to a different owner but the mortgage is the responsibility of the party who borrowed the money. You can check to see if a loan is assumable, and that would allow the loan to tranfer to the new owner releasing the previous from the obligation.
2006-08-07 04:25:35 · answer #3 · answered by Jacque w 3 · 0⤊ 0⤋
NO! Morgage is separate. You can pay anyone's morgage but without the title the house still theirs.
2006-08-07 03:00:07 · answer #4 · answered by chief8166 2 · 0⤊ 0⤋
No - the mortgage is still in the previous owner's name unless the mortgage company agrees to finance the new owner or the new owner pays off the previous owner's note at closing.
2006-08-07 02:57:42 · answer #5 · answered by Tim B 4 · 0⤊ 0⤋
no also by transferring the title of the house could but in place an acceleration clause making the note due and owing right away
2006-08-07 03:56:12 · answer #6 · answered by goz1111 7 · 0⤊ 0⤋
It depends on the terms of the mortgage, but no it is never automatic. It depends on if the mtg is assumable and if the buyer wants to assume it.
2006-08-07 02:57:45 · answer #7 · answered by gtoacp 5 · 0⤊ 0⤋