Can I Sign My Mortgage Over To Another Person?
I don't want a Mortgage anymore can I sign it over to my friend?
I don't want a Mortgage anymore can I sign it over to my friend?
I think it is mostly up to your lending institution. They might be happy to add an additional individual of responsibility to the mortgage but not so happy to remove you.
That said you might have an assumable mortgage. That is a mortgage where a buyer of your property can assume the remainder of your mortgage at the same interest rate. Read your mortgage and see if it is assumable. If so sell the property to your friend.
answered 5 months ago
Don't quit claim it, it won't help with the mortgage it will just give someone else intrest in the property. Call the lender, find out if it is assumable. Ask if it is assumed could you still be held liable for the payments, in some cases you can still be held accountable. If this is an option, the person assuming your mortgage will still have to qualify for the mortgage.
answered 4 months ago
You may be able to sign a "quit claim" so long as the other party agrees to take over the mortgage as you would if you were to get a divorce.
answered 5 months ago
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