Transferring Deed

[onlyfair]

What is the name of your state (only U.S. law)? NJ

Is it possible to transfer the deed to a house that still has a mortgage on it? (without actually selling the house)

My parents have a house that they are still paying mortgage on. They want to put the deed in my name, but they will continue to pay the mortgage.

How could this work, if at all?

 

[divgradcurl]

What is the name of your state (only U.S. law)? NJ

Is it possible to transfer the deed to a house that still has a mortgage on it? (without actually selling the house)

My parents have a house that they are still paying mortgage on. They want to put the deed in my name, but they will continue to pay the mortgage.

How could this work, if at all?

What did the lender say when you asked?

 

[oakenfold]

The basic principle of a loan is a lender will extend credit based on certain characteristics of the borrower such as creditworthiness and income.

With that said, there is no way to tell what the lender will do without knowing more details. (purpose of the transfer, lender - conventional or subprime etc)

In one instance, if the lender feels the transfer increases their risk, they can call the loan.

On the other hand, if monthly payments remain on time, they may not care.