Can I transfer a house title to someone else if I still owe a mortgage on it?
I want to transfer the homes to my daughter's name and I will still be making the mortgage payments on it.
- Glenn SLv 71 decade agoFavourite answer
While you can deed the property over to anyone that you like it doesn't relieve you of the financial obligation for the debt. Also, more than likely in would cause your lender to call in the loan and foreclose on the property.
This is a very poor idea for many reasons. Before you do such a thing talk to a CPA or an estate attorney. To transfer the property all you have to do is fill out either a "quit claim" or "Grant" deed naming your daughter as the recipient and then record it, however your actions would have many negative financial and tax consequences.
- Anonymous4 years ago
How To Transfer House TitleSource(s): https://shrinke.im/a0sN9
- RetiredDebtFreeLv 61 decade ago
Your mortgage company would have to approve and they are not likely to do that. Also, be sure you understand the legal and financial fallout of this move. You are gifting a house, and your daughter could end up owing a lot of taxes. The insurance, tax, and mortgage implications need to be understood. I highly recommend you get professional advice from a CPA or real estate attorney before you do this.
- glennLv 71 decade ago
An eighty year old lady called about two years ago and she had added her daughter to her title- then her daughter was hit by a car and spent five weeks in a hospital before she died. The hospital put a lien against the lady's home for the unpaid bill and continued to send her letters demanding payment (as if they could take her house away). I would not attempt to do what you are proposing without a lot of good advice from a real estate attorney.
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- paobayLv 41 decade ago
I don't think any lender will let you do that, you can join title with your daughter. In case you fail on mortgage payment, they have nothing.
- wizjpLv 71 decade ago
Only with the permission of the lender who holds the mortgage