Anonymous
Anonymous asked in Business & FinancePersonal Finance · 1 decade ago

Can I transfer a mortgage to someone else even though I'm still paying it off?

Looks like trouble ahead for me, am 21 and currently have paid 2 years on my mortgage, still another 23 to go! I would like to know if there is anyway I can transfer this mortgage to someone else and have them continue paying it? I have a business loan out with the same bank. This would ease pressure greatly as the house will be kept safe and I only need to worry about the business side being lost and not my house too. Basically I owe money to the company supplying my stock. Only recently have I realised more money goes out that comes in and so slowly the bill creeped higher. I can't see myself paying off this debt and feel that soon the debt collectors will be knocking. Please advise. Thank you

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  • 1 decade ago
    Favorite Answer

    With the lendor's approval,

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  • 1 decade ago

    You can sell your house to the other party and then pay off the mortgage that way. However, it looks to me like you really should consider a lodger to help with the Mortgage.

    Remember that it is better to fail in business than loose your house. If the other person wants to live in your house, then charge them rent, do not give your biggest and best asset to someone else. You can borrow on this, itr gives you credibility when dealing with creditors and It is also important to remember that you are on the property ladder and it will be a major task to get back on it again given the sustained increase in property prices. Consider yourself lucky that you have the property and defend it to the death! Give up the business!

    Source(s): My own experience!
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  • 4 years ago

    The score has dropped because you have more credit now than before. Unless your income has gone up too, your score would have dropped. It will get better with time, the more money you pay off. Adjusting your credit card repayments wont do much. As long as you don't miss payments you'll get a better score when your income goes up and your borrowed amount goes down. x

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  • Anonymous
    1 decade ago

    in USA - no .

    assumable mortgages have not been around for yrs.

    u need to decide which is more important

    the house( there are lots of them) or the business ( which when is profitable u can buy more houses).

    any transfer of title WILL require a new mortgage for that person.

    visit dave ramsey .com to learn the hard lessons coming ur way from others mistakes . it is easier, cheaper and faster.

    Source(s): Univ. of H Knocks, biz owner , 12yrs home base i-net
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  • pinky
    Lv 4
    1 decade ago

    It will say in your mortgage papers if the mortage is assumable or not. It probably isn't.

    If someone else is going to pay the mortgage but you're still going to live there why do you need to have the assumption?

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  • Jo.
    Lv 5
    1 decade ago

    you can give the house to your partner I suppose but it means geting your name off the mortgage and everything and you wont have a leg to stand on if something goes wrong coz the house would legally be theres. you should register your buisness as a limited company, make sure your company name isn't the same as your buisness's name that way if anything happens to the buisness your personal belongings dont get touched!

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  • Anonymous
    1 decade ago

    I agree with the comment up there. Instead of losing your asset, have the person pay you rent that way you can continue to pay it and you won't lose the asset. Good luck!

    Source(s): U of H! sorry i saw another U of H peron up there!
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  • Anonymous
    1 decade ago

    Yes of course but you might have to find out about arrangement fees etc and work out if what you save is more than what you lose.

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  • 1 decade ago

    see a "Financial/Mortgage adviser". they may be able to consolidate your loans. if all else fails declare yourself bankrupt. See somebody who knows first.Financial/Mortgage adviser

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