Transfer Title/Assuming

[Dapthegoat]

I'm wanting to purchase a new house in the new city that I now work and get out of my present situation, which is owning a home in my hometown. I want to know
if it possible to transfer property and let a new owner assume my present loan? At this
point I do not care if I make a profit. I just want to clear my name of the property legally and have no more obligation to it. I want to do it the quickest way possible.
What do I need to know about this process or is there such a process?

 

[Henry T]

First, why would a buyer want the property with your old loan? Did you have a fabulously low rate? If so, be aware many new mortgages allow the bank to call the loan on transfer. Sell the property, pay off the loan, and that's then end of that.