Transfer of ownership

[1450]

re law in NJ: I would like to change the deed on my house meaning someone else should be the owner but the mortgage will remain in my name and I will pay the monthly payments. Is there anything wrong legally with doing this. Also, is this OK with my bank? Thanks

 

[HomeGuru]

Your bank will have a problem with that.
Check with them.

 

[1450]

Sorry about that. Thanks so much for your quick response. Can you be a little more specific, will they force me to pay up my mortgage immed. or any penalties etc. Thanks again.

 

[HomeGuru]

Read your mortgage and note.
Generally there is what is known as a due on sale or due on transfer clause.
Any sale of the property or transfer of title triggers this "due on sale" clause and the lender can call the loan due.
If the property is transfered to a trust with the same mortgagors, the lender should have no problem.