0
Your question is not exactly clear. I will interprete it as how do you transfer property that is encumbered by a mortgage.
You should seek legal advice before transferring your interest in any property that is subject to a mortgage. Generally, the boilerplate language in any mortgage document states that the full balance will become due upon any transfer of the property. You would be responsible for payment and if the mortgage is not paid the bank will take possession of the property. Also, even if the bank didn't know of the transfer immediately, if the new owner failed to pay the mortgage the full consequences would fall on you.
The bank approved you for the loan and you don't have the power to assign your approval to someone else. You should speak with a bank representative to see if the mortgage can be assumed by a new owner. At one time lenders allowed a subsequent buyer to execute an assumption agreement.
Wiki User
∙ 15y ago
Add your answer:
Earn +20 pts
Does adding your name to a deed make you liable for payment?
It sounds as though the property is already subject to a mortgage. If that is the case you need to consult with an attorney before "adding" your name to the deed. Although that won't make you responsible for mortgage payments if may trigger an unpleasant situation.Mortgages have a due on transfer clause whereby if there is a transfer of ownership, the lender can demand immediate payment of the outstanding mortgage, in full. If the owner wanted to "add" you to the deed they would need to execute a deed transferring an interest in the property to you. That may trigger the due on transfer clause in the mortgage. You need expert advice before you proceed.It sounds as though the property is already subject to a mortgage. If that is the case you need to consult with an attorney before "adding" your name to the deed. Although that won't make you responsible for mortgage payments if may trigger an unpleasant situation.Mortgages have a due on transfer clause whereby if there is a transfer of ownership, the lender can demand immediate payment of the outstanding mortgage, in full. If the owner wanted to "add" you to the deed they would need to execute a deed transferring an interest in the property to you. That may trigger the due on transfer clause in the mortgage. You need expert advice before you proceed.It sounds as though the property is already subject to a mortgage. If that is the case you need to consult with an attorney before "adding" your name to the deed. Although that won't make you responsible for mortgage payments if may trigger an unpleasant situation.Mortgages have a due on transfer clause whereby if there is a transfer of ownership, the lender can demand immediate payment of the outstanding mortgage, in full. If the owner wanted to "add" you to the deed they would need to execute a deed transferring an interest in the property to you. That may trigger the due on transfer clause in the mortgage. You need expert advice before you proceed.It sounds as though the property is already subject to a mortgage. If that is the case you need to consult with an attorney before "adding" your name to the deed. Although that won't make you responsible for mortgage payments if may trigger an unpleasant situation.Mortgages have a due on transfer clause whereby if there is a transfer of ownership, the lender can demand immediate payment of the outstanding mortgage, in full. If the owner wanted to "add" you to the deed they would need to execute a deed transferring an interest in the property to you. That may trigger the due on transfer clause in the mortgage. You need expert advice before you proceed.
Do you own the property that your name is on the deed but not the loan?
If your name was added by deed after the mortgage was executed then your interest in the property is subject to the mortgage. Also, changing the names on a deed for property that is subject to a mortgage may trigger the due on transfer clause. Most mortgages carry boilerplate language that provides if the property is transferred the lender can demand full payment of the mortgage.If your name was added by deed after the mortgage was executed then your interest in the property is subject to the mortgage. Also, changing the names on a deed for property that is subject to a mortgage may trigger the due on transfer clause. Most mortgages carry boilerplate language that provides if the property is transferred the lender can demand full payment of the mortgage.If your name was added by deed after the mortgage was executed then your interest in the property is subject to the mortgage. Also, changing the names on a deed for property that is subject to a mortgage may trigger the due on transfer clause. Most mortgages carry boilerplate language that provides if the property is transferred the lender can demand full payment of the mortgage.If your name was added by deed after the mortgage was executed then your interest in the property is subject to the mortgage. Also, changing the names on a deed for property that is subject to a mortgage may trigger the due on transfer clause. Most mortgages carry boilerplate language that provides if the property is transferred the lender can demand full payment of the mortgage.
Does a quitclaim affect the mortgage?
Yes. Most mortgages have a due on transfer clause. It is meant to protect the lender. It provides that if there is any transfer of ownership, such as by a quitclaim deed, the lender can demand that the full balance of the mortgage be paid immediately. If the transfer goes unnoticed for a time, the property transfers subject to the mortgage and full payment will be demanded when the lender is notified. If the mortgage isn't paid the lender will take possession of the property by foreclosure.Yes. Most mortgages have a due on transfer clause. It is meant to protect the lender. It provides that if there is any transfer of ownership, such as by a quitclaim deed, the lender can demand that the full balance of the mortgage be paid immediately. If the transfer goes unnoticed for a time, the property transfers subject to the mortgage and full payment will be demanded when the lender is notified. If the mortgage isn't paid the lender will take possession of the property by foreclosure.Yes. Most mortgages have a due on transfer clause. It is meant to protect the lender. It provides that if there is any transfer of ownership, such as by a quitclaim deed, the lender can demand that the full balance of the mortgage be paid immediately. If the transfer goes unnoticed for a time, the property transfers subject to the mortgage and full payment will be demanded when the lender is notified. If the mortgage isn't paid the lender will take possession of the property by foreclosure.Yes. Most mortgages have a due on transfer clause. It is meant to protect the lender. It provides that if there is any transfer of ownership, such as by a quitclaim deed, the lender can demand that the full balance of the mortgage be paid immediately. If the transfer goes unnoticed for a time, the property transfers subject to the mortgage and full payment will be demanded when the lender is notified. If the mortgage isn't paid the lender will take possession of the property by foreclosure.
Can your mom buy a house for you if you filed bankruptcy?
Yes. But the deed and mortgage would have to be in her name. It would not be your property.Yes. But the deed and mortgage would have to be in her name. It would not be your property.Yes. But the deed and mortgage would have to be in her name. It would not be your property.Yes. But the deed and mortgage would have to be in her name. It would not be your property.
If your name is not on mortgage application can it be put on deeds?
No. All the owners by deed must sign the mortgage. A lender will require all owners to sign the mortgage in case there is a default and the lender takes possession of the property. If all owners didn't transfer their interest to the lender the lender cannot foreclose of the property. If the deed and mortgage are both done at the same time, all the owners by deed must sign the mortgage. A lender will require all owners to sign the mortgage in case there is a default and the lender takes possession of the property. If all owners didn't transfer their interest to the lender the lender cannot foreclose of the property.Also take note that if a parent grants a mortgage to a bank there is a due on transfer clause in the mortgage. That means if there is a transfer of ownership the bank can call in the full amount of the loan. Therefore if the parent transfers the property to their children after they have mortgaged the property, the bank can demand payment of the mortgage in full.You should seek legal advice before you act.
Does the bank need to know about a quit claim deed?
Yes. If the bank has a mortgage on the property there is a due on tranfer clause in the mortgage that the property owner signed That means the bank must be notified of any transfer of ownership and it can demand payment in full of the mortgage if any transfer is made. A quitclaim deed would be a transfer of ownership.
How can you transfer your mortgage to your mother who has less than perfect credit if both of your names are already on the deed?
You can't transfer the mortgage, but you can remortgage in her name only.
Can 1 person sell a home if 2 people are on mortgage but 1 signed over the deed?
The owner can sell the property. If one person is on the deed then that person can sell the property. The mortgage must be paid off at the time of the sale. It is not a good idea to transfer your rights in property by a deed if you are still on the mortgage.The owner can sell the property. If one person is on the deed then that person can sell the property. The mortgage must be paid off at the time of the sale. It is not a good idea to transfer your rights in property by a deed if you are still on the mortgage.The owner can sell the property. If one person is on the deed then that person can sell the property. The mortgage must be paid off at the time of the sale. It is not a good idea to transfer your rights in property by a deed if you are still on the mortgage.The owner can sell the property. If one person is on the deed then that person can sell the property. The mortgage must be paid off at the time of the sale. It is not a good idea to transfer your rights in property by a deed if you are still on the mortgage.
Does adding your name to a deed make you liable for payment?
It sounds as though the property is already subject to a mortgage. If that is the case you need to consult with an attorney before "adding" your name to the deed. Although that won't make you responsible for mortgage payments if may trigger an unpleasant situation.Mortgages have a due on transfer clause whereby if there is a transfer of ownership, the lender can demand immediate payment of the outstanding mortgage, in full. If the owner wanted to "add" you to the deed they would need to execute a deed transferring an interest in the property to you. That may trigger the due on transfer clause in the mortgage. You need expert advice before you proceed.It sounds as though the property is already subject to a mortgage. If that is the case you need to consult with an attorney before "adding" your name to the deed. Although that won't make you responsible for mortgage payments if may trigger an unpleasant situation.Mortgages have a due on transfer clause whereby if there is a transfer of ownership, the lender can demand immediate payment of the outstanding mortgage, in full. If the owner wanted to "add" you to the deed they would need to execute a deed transferring an interest in the property to you. That may trigger the due on transfer clause in the mortgage. You need expert advice before you proceed.It sounds as though the property is already subject to a mortgage. If that is the case you need to consult with an attorney before "adding" your name to the deed. Although that won't make you responsible for mortgage payments if may trigger an unpleasant situation.Mortgages have a due on transfer clause whereby if there is a transfer of ownership, the lender can demand immediate payment of the outstanding mortgage, in full. If the owner wanted to "add" you to the deed they would need to execute a deed transferring an interest in the property to you. That may trigger the due on transfer clause in the mortgage. You need expert advice before you proceed.It sounds as though the property is already subject to a mortgage. If that is the case you need to consult with an attorney before "adding" your name to the deed. Although that won't make you responsible for mortgage payments if may trigger an unpleasant situation.Mortgages have a due on transfer clause whereby if there is a transfer of ownership, the lender can demand immediate payment of the outstanding mortgage, in full. If the owner wanted to "add" you to the deed they would need to execute a deed transferring an interest in the property to you. That may trigger the due on transfer clause in the mortgage. You need expert advice before you proceed.
How do you get the deed to a house if the owner has died and the mortgage is paid?
The deed belongs to the estate and the estate can transfer the property in accordance with the will or the laws of intestacy.
What happens to the mortgage if you sell deed with right of survivorship?
You must notify the bank of the transfer and arrange to pay off the mortgage in full.
Do you own the property that your name is on the deed but not the loan?
If your name was added by deed after the mortgage was executed then your interest in the property is subject to the mortgage. Also, changing the names on a deed for property that is subject to a mortgage may trigger the due on transfer clause. Most mortgages carry boilerplate language that provides if the property is transferred the lender can demand full payment of the mortgage.If your name was added by deed after the mortgage was executed then your interest in the property is subject to the mortgage. Also, changing the names on a deed for property that is subject to a mortgage may trigger the due on transfer clause. Most mortgages carry boilerplate language that provides if the property is transferred the lender can demand full payment of the mortgage.If your name was added by deed after the mortgage was executed then your interest in the property is subject to the mortgage. Also, changing the names on a deed for property that is subject to a mortgage may trigger the due on transfer clause. Most mortgages carry boilerplate language that provides if the property is transferred the lender can demand full payment of the mortgage.If your name was added by deed after the mortgage was executed then your interest in the property is subject to the mortgage. Also, changing the names on a deed for property that is subject to a mortgage may trigger the due on transfer clause. Most mortgages carry boilerplate language that provides if the property is transferred the lender can demand full payment of the mortgage.
Does a quitclaim affect the mortgage?
Yes. Most mortgages have a due on transfer clause. It is meant to protect the lender. It provides that if there is any transfer of ownership, such as by a quitclaim deed, the lender can demand that the full balance of the mortgage be paid immediately. If the transfer goes unnoticed for a time, the property transfers subject to the mortgage and full payment will be demanded when the lender is notified. If the mortgage isn't paid the lender will take possession of the property by foreclosure.Yes. Most mortgages have a due on transfer clause. It is meant to protect the lender. It provides that if there is any transfer of ownership, such as by a quitclaim deed, the lender can demand that the full balance of the mortgage be paid immediately. If the transfer goes unnoticed for a time, the property transfers subject to the mortgage and full payment will be demanded when the lender is notified. If the mortgage isn't paid the lender will take possession of the property by foreclosure.Yes. Most mortgages have a due on transfer clause. It is meant to protect the lender. It provides that if there is any transfer of ownership, such as by a quitclaim deed, the lender can demand that the full balance of the mortgage be paid immediately. If the transfer goes unnoticed for a time, the property transfers subject to the mortgage and full payment will be demanded when the lender is notified. If the mortgage isn't paid the lender will take possession of the property by foreclosure.Yes. Most mortgages have a due on transfer clause. It is meant to protect the lender. It provides that if there is any transfer of ownership, such as by a quitclaim deed, the lender can demand that the full balance of the mortgage be paid immediately. If the transfer goes unnoticed for a time, the property transfers subject to the mortgage and full payment will be demanded when the lender is notified. If the mortgage isn't paid the lender will take possession of the property by foreclosure.
Can a warranty deed transfer ownership while a mortgage exists?
You need to be careful about transferring property that is subject to a mortgage. Virtually all mortgage documents contain a clause that states any transfer of ownership will trigger a requirement that the mortgage balance be paid in full immediately. You should consult with an attorney or the lender before making any transfer.
Will the mortgage company require refinancing with a quitclaim deed transfer?
If you want to take your name off the property and mortgage, yes. Also, most modern mortgage documents contain a "due on transfer" clause. If you execute a quitclaim deed the bank can demand full payment of the debt immediately. You should speak with a bank representative to discuss the changes you want to make.
Is there a way to remove a co signer from a mortgage without refinancing by using a quitclaim deed?
No. The deed has no effect on the mortgage. The person who executes the deed will divest themselves of their ownership interest but will still be responsible for the mortgage. The bank owns the mortgage. You can't make any changes to it on your own. Your only right is to get your property back free and clear by paying it off. In addition, a transfer of interest in mortgaged property by deed can result in the lender demanding full payment of the balance due. You need to consult with your lender.No. The deed has no effect on the mortgage. The person who executes the deed will divest themselves of their ownership interest but will still be responsible for the mortgage. The bank owns the mortgage. You can't make any changes to it on your own. Your only right is to get your property back free and clear by paying it off. In addition, a transfer of interest in mortgaged property by deed can result in the lender demanding full payment of the balance due. You need to consult with your lender.No. The deed has no effect on the mortgage. The person who executes the deed will divest themselves of their ownership interest but will still be responsible for the mortgage. The bank owns the mortgage. You can't make any changes to it on your own. Your only right is to get your property back free and clear by paying it off. In addition, a transfer of interest in mortgaged property by deed can result in the lender demanding full payment of the balance due. You need to consult with your lender.No. The deed has no effect on the mortgage. The person who executes the deed will divest themselves of their ownership interest but will still be responsible for the mortgage. The bank owns the mortgage. You can't make any changes to it on your own. Your only right is to get your property back free and clear by paying it off. In addition, a transfer of interest in mortgaged property by deed can result in the lender demanding full payment of the balance due. You need to consult with your lender.
How can you transfer your mortgage to a friend?
You cannot transfer your mortgage to your friend. The lender owns the mortgage. You must discuss the situation with your lender to determine if it will allow your friend to assume the mortgage obligation. If so then you can convey the property to your friend by deed and the lender will execute an assumption agreement with the new owner.Mortgages have a due on transfer clause. That means if you transfer the property to a new owner the full amount of the mortgage will become due immediately as you agreed when you signed the mortgage. You will be the one responsible for paying and not the new owner. Remember that the person you transfer the property to did not apply for the mortgage and was not approved by the lender.
