Can I transfer a mortgaged property to someone else by deed?
- Anonymous1 decade agoFavorite Answer
Yes, you can transfer encumbered property via a quit claim or warranty deed (depending on your state). However, as others mentioned, the lender can call the loan if they find out.
Ifyou shoot me an e-mail as to what you're trying to accomplish, I can give you some options.
RegardsSource(s): Satar Naghshineh firstname.lastname@example.org California Licensed Real Estate Broker and Investor
- SkipLv 61 decade ago
You can transfer any property you want to someone else, by quit claim deed.
You can not transfer a mortgage by any deed what so ever. If they want they can pay the mortgage without any transfer, or any notification to the lender what so ever. If found out the lender could very well call the loan and/or place the property in foreclosure (Doubtful)
They can request to assume the mortgage from the lender, which they would have to qualify for the same as you did when you first got the mortgage. If approved their name would now be on the mortgage soley.
I hope this has been of some use to you, good luck
- 1 decade ago
You can do anything you want if you pay the mortgage off. All mortgages have an accelerated payment clause that means if you sell or transfer the property (ownership changes) they have the right to call it and get paid.
A lot of mortgages have an assumability clause where for a fee, about 1%, it can be assumed by the new owner. The bank does not have to allow this. It depends on the credit of the new person and the bank's discretion.
- AnnieDLv 41 decade ago
No, but you can transfer the mortgage with the lender.