What is the best way to transfer a house with a mortgage balance to another person. Can you just donate it to them?

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  • Eva
    Lv 4
    1 month ago

    No. A deed transfer cannot be done without the mortgage being paid off. It doesn't matter how you transfer it, it's still considered a sale.

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  • Who
    Lv 7
    2 months ago

     the best way is not to bother trying- cos you cannot transfer a mortgage balance or donate it

    just tell them to get a loan (of the amount you owe) and buy you out

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  • Anonymous
    2 months ago

    You either pay off the mortgage or they refinance in their name. 

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  • Judy
    Lv 7
    2 months ago

    No of course not, without paying off the mortgage.

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  • 2 months ago

    They MUST refinance in their name or you CAN'T transfer title. The mortgage holder has a lien that legally doesn't allow ANY change in legal ownership without their permission.

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  • k w
    Lv 7
    2 months ago

    you can ask free legal aid, most decent sized cities have them...the donee/receiver of the gift may need to take some precautions, by not alerting the lender, and just keep making the mort payments, never losing the address, have copies so he can find them, hey, crap happens, one needs to think ahead and be prepared, that was just off the top, but you better verify.....don't just do it.....you may need to legally charge a dollar for it....ask.......

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    • k w
      Lv 7
      2 months agoReport

      and he can ask a potential new lender, in theory, what can I do ? so don't actually apply but ask themabout options ! just so you know !

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  • 2 months ago

    Loans that allow you to transfer the loan to someone else are called "assumable loans".  Most loans are not assumable, which means you can't just transfer the mortgage loan to them.

    The exception is = you are dead.  Your heir can take over your loan, if they continue to pay the loan. 

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    • A Hunch
      Lv 7
      2 months agoReport

      In fact most loans, until 2003-2004 were assumable with 2y prepayment penalties (including my first house at the beginning of the "good years")

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  • Anonymous
    2 months ago

    No, they have to qualify for a new loan to pay off your old one.

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  • 2 months ago

    Good grief. This is about as simple and basic as it gets.

    You cannot transfer a house that has a mortgage to anyone without the lender's approval. That's what you agreed to when you bought the house. It's in your paperwork.

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