Is there anyway to transfer a mortgage loan from one name to other (family) or do you have to sell the house?
358064
the best way to transfer your mortgage to a familly member who has been living with you for at least 2 years ( it can be rent free) is to refinance the house and make that person the note bearer. The person has to at least be a brother, sister, child or spouse. A prepayment penalty might be assessed but it is usually minimal compared to losing the house)\n\nstep one : quit claim that person on the deed \n\nstep 2 get them qulified for a loan with a lender that will allow this type of transaction. If your broker has no clue i could sugest a few lenders to you that would.whole sale lenders most likely will do this thats why i sugest a mortgage broker and not your local bank.\n\nif you do not have a prepayment penalty this would only cost you about $11 for the quit claim deed about $365- $600 for the appraisal depending on your state and the cost of home owners insurance in their name ( this will have to be paid for a year up front  for the insurance binder. the cost of the appraisal and insurance could come from the euquity in the subject property and not out of pocket.\n\nmake sure you quit claim off the deed too
754394
yes you can. you just have to make sure that you can show the equity and the fact that you can make the payments on both of the loans.
600493
Okay, here is the deal--\n\nIf they had a mortgage and they have decent credit and equity in the house, they could get a 2nd mortgage/equity line of credit.  That line of credit is considered a 2nd mortgage and it is recorded on the deed just like the first mortgage was.  They can indeed lose their house, either lender can decide to forclose on the house for missed payments.  Usually what happens is the first mortgage holder buys out the 2nd and then forcloses on the house.  \n\nIf they got a 2nd mortgage, they probably got a checkbook, so they could have written a check and gotten cash to give to Scott, but it was still a 2nd mortgage.  Payments will be due just like the first mortgage, every month.\n\nIf they aren't getting enough to pay both, they should immediately contact the first lender and see if they can refinance with both their mortgage and the equity line of credit.  This might be difficult because they have used all their equity in their house, so they are reborrowing for full value of the house and the bank might not go for it.  \n\nIt would be terrible for these people to lose their home because they tried to help somebody out.  I hope they can all find a solution.\n\nThey might also contact www.naca.com  \n\nIt's a non-profit housing advocacy group and they do some refinancing.  They are very much about people keeping their homes, so they might be able to help you where a bank might be less helpful.  \n\nGood luck!
853464
Anyone can have more than one mortgage (on different properties) as long as their credit is good enough for them to be accepted for the loan.  Think of people who own more than one house - some of them have to be mortgaged.\n\nIt's just hard to convince a lender that you are financially capable of handling more than one mortgage.
1031949
No, you can't The house sale is usually contingent on appraisal and loan approval. That means you can decide not to go through with the purchase. If you read the loan application, I'm sure there is something that says they aren't going to lend you if there is something they don't like about the house such as termite, roof leak, etc. Your other option is to ask the seller to repair them.
741491
Unfortunately, the simple answer is yes.  You need to go to your mortgage holder and advise them of the situation.  Your spouse DOES NOT have the legal right to take out loans in both your names.  Good luck!
129002
If you are both on the title and the note, then you are either going to have to do one of these things. \n\nIf one person wants the house and the other person does not care about the equity in it, then the person who is giving up the house needs to sign a quit claim deed with a title company, and then the person who wants the house has to refinance it to get the other person off the note. The lenders will not just let one person take over the whole note because most loans are not assumable, and you were probably qualified by using both of your incomes and credit. \n\nIf one Person wants the house and the other does not, but the person not wanting the house wants their equity out of it, then the person wanting the house needs to buy out the other person. You would do the same thing as I mentioned before, except you would take the appraised value of the house now, subtract what is owed on the home, and divide by two to determine each persons equity. Then the person being bought out has the option of taking their equity out of the cash back from the refinance, or they can attach a lein on the house for the amount of equity they are owed. If they attach a lein, then before the house can be sold, or refinanced again the lein has to be satisfied. The problem with doing a lein is that if the property goes down in value, or gets foreclosed upon, your priority is second, and you might not ever get your money.
628747
yes it is possible. if your credit score is above 525 and the Mortgage now has a zero Balance you can optain a new mortgage
696166
You can be forced to sell the one you live in to pay for the other one. The last thing you want to happen is have a house foreclosed on. Have you considered renting out the one that's for sale? You could have the renter paying your mortgage and taxes and then some.
437923
The quick answer to your question is yes you can purchase a house and give it to anyone you desire. Are you thinking about giving the house to a family member?\n\nThe reality of the matter is that you must consult a tax or CPA and especially a real estate attorney to find out the easiest way to do this and what you should do to avoid a very difficult potential tax problem. \n\nIf nothing else the CPA or tax expert is probably the most important person in this situation.\n\nI hope this has been useful to you in some way, good luck
751744
You could do it immediately as long as your current mortgagor allows it and you're willing to pay any fees, penalties, etc.  \n\nNow's the time to read the fine print on your mortgage if you haven't already, because that's where you'll find the correct answer, not here on Yahoo Answers.
306641
You can if the title to the land is separate from the house.  But I suspect the title is for the combined land and house, so you can't.  Why would you want to do this anyway?
748092
Check with your current mortgage company, or with the new mortgage company.  See if they offer the bridge loans.  You could also ask your realtor, if there is one involved in your transaction.  To find a lender, if you haven't already, try a yellow book listing, and call and interview a couple companies to find out the terms that are available for you.  Good luck!
29239
You can do a Sale by Owner which you don't need a Agent to sell your house. Try many websites, such as www.craigslist.com >>choose your city or region>> and post your house! Free and easy. They will call you. This service is great because you can choose your region and people form your region will call you, not from the other world. I have done it, and this family lived right in the next nerighbohood.
556857
so you have your own mortgage company?  I can probably help you steamline your process email me at taustin288@gmail.com and we can probably work out something
1002121
You can obtain the information at your local court house, fill out the Quick Clain Deed, and pay a small fee (normally 25.00) and file it at the court house....Easier to do, than a refinance...Unless he wants to go that route.  Or if he wants a a lower interest rate or cash out, debit consolidation.  A Quick Clain Deed takes your name off Title and deed, but your name is still on the mortage with his / your current lender....If you want your name off the Mortgage Company, that you would have to refinance....In case he ever defults on the mortgage.   But as I mentioned the Quick Claim Deed takes your name off title and deed . ..Good Luck.
816734
If you can figure out anything else to do, don't get a second mortgage.  They are too easy to not pay (at least you don't have to pay very much on them) and so they hang around forever and then mess you up when you want to sell your house.