I have morrtgage on house and would like to transfer only house under my brother's name .What do i need to do

Answer 1

If you have an assumable loan, he just needs to be qualified for the loan & you can transfer it to him.
If not, he needs to apply for a loan and purchase the home from you so that your loan is paid off.
If you're just asking about adding him to the title, call a title agency. This is a VERY bad idea though - a sure way to wind up destroying relationships with family members.

Answer 2

If you have an assumable mortgage there is no problem in transferring the mortgage to your brother, but he would have to qualify for the assumption to be completed. If you have an FHA loan you can simple deed it to him and you will remain liable on the debt for five years, after which, if he has maintained the payments, you can apply for release, or just do nothing, but the mortgage would still be in your name and reported to the credit bureau. Most loans have a due on sale clause, in the security deed, which means that if you transfer title to anyone else, they could call the mortgage due and payable in full upon learning about it. It sounds like you plan on continuing to live in the house and just transfer title to him, so if you do this, and you continue to make the payments the lender probably will not find out and nothing will be done. But, you do risk that they may find out and then you could have the mortgage called, which would mean you would have to prove that you have re obtained the title and that you are still residing in the property, and plan to continue to live there and they would stop the action. A lot of people quick claim title to avoid having liens or judgments placed on their home, and continue to pay the mortgage and do so without it being discovered by the lender, but be prepared, in the event that the lender discovers that you have moved the title to someone else.

Answer 3

You can easily add your brother to Title. You and all title holders and your brother need to sit down with the Title Company to do this. You can't transfer it out of your name, because you are the note holder and the lender requires you stay on Title as well. http://www.choicerealestate.net/

Answer 4

You have to have a mortgage that is assumable and then you will have to pay some transfer fees. The deed can then be transferred to him, once you get permission to do so from the mortgage company I would just go to a local title company, they can handle it for you for a minimal fee. You will have to handle, taxes, insurance, etc. so it isn't as simple as it seems.

Answer 5

What you need to do is file a Quit Claim Deed. Find a paralegal or lawyer and they will draw one up for you. Sign it and have it notarized, then go to your County Clerk's office and have it filed. You will also need an Excise Tax form filled out, which you and your brother will also need to sign, but it doesn't need to be notarized.

Good luck.

By the way, what's with all the unsolicited advice on here? The guy asked a simple question, he didn't ask your opinions!

Answer 6

Call your mortgage company to see if loan is transferable. Your brother will have to qualify for it. If not transferable, he still has to qualify for a loan. You could try a rent to own scenario. It will cause issues if things go badly. Same thing with traditional landloard-tenant rental. You could put him on deed but that opens up your liability to everything he does. It comes down to trust and risk.

Answer 7

you're going to be stuck with the mortgage if you can't get the mortgage company to approve a transfer - your brother would have to qualify for the mtg like any home buyer, then if that is approved, you could get deed transferred - you would need a real estate lawyer for all this

Answer 8

I'm not sure what you want to do here. Do you want to give the house to your brother, and have him simply assume the payments on the mortgage? If so, talk to the mortgage holder about that.