I have bought a house and pay a mortgage, it is currently in my name but i wish to change the name of the owner to someone else, is this possible to do and for me to continue still paying the mortgage?
2006-12-18 05:05:42 · 2 answers · asked by bob o 1 in Business & Finance ➔ Renting & Real Estate
Hmmmm, yes, it is possible but you'd need proper legal advice. Depends why you want to do it.
You may prefer to become a joint owner and become jointly responsible for the mortgage, although in practice you might pay it.
Also consider what happens if the recipient dies or you fall out with them - what happens to the house and the mortgage?
Also, speak to your lender. I doubt that most lenders would be happy lending money to you on the security of a house belonging to someone else.
2006-12-20 00:00:32 · answer #1 · answered by in vino veritas 4 · 0⤊ 0⤋
That's commonly called "SELLING THE HOUSE". For you to keep the mortgage in your name, you will be violating the due on sale clause of your mortgage. (they could call the note due)
Alot of real estate investment programs are based on doing just this. The investor gets you to put the house in his name. The mortgage stays in your name. The investor then gets someone to give him a big down payment, he transfers the house to the new owners name (someone who won't be able to make the payments on time) and the mortgage is still in your name - so when the foreclosure happens, it's on you.
2006-12-18 13:15:52 · answer #2 · answered by teran_realtor 7 · 2⤊ 0⤋