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justme1 · May 10, 2007, 12:28 PM

My sister is willing to purchase a home for me, however, afterward she immediately wants to be able to sign the mortgage over to me. She wants her name removed and my placed instead. Hence, simply putting me on the deed would not work. Since the due on sale clause is rarely acted upon we're not worried about that part. Is this something doable? And how long would it take to complete the process?

Fr_Chuck · May 10, 2007, 01:11 PM

She can not signt he mortgage over, she may be able to sign the deed over, but she will be responsible for the mortgage, since you can't just "sign a mortage over"

What you are wanting to do is just not possible. She may be able to co-sign on a loan with you, but once she has a loan, her name will be on it, not yours, and they won't let her "sign" that house over. And the sue on sale is actied on every day 1000's of times a day, don't know why you think it is not.

But even if she signed the deed over to you, and did not tell the mortgage company, then the mortgage is still in her name and is responsible.

ebaines · May 10, 2007, 02:17 PM

Justme1: I don't understand what you or your sister are trying to accomplish here. It sounds almost like your sister is willing to help you with a down payment on the house, but wants you to pay the mortgage costs (and I assume real estate taxes and all the other expenses that come with a house). Do I have that right? In that case perhaps she could gift you the money needed for the down payment, and then you get the mortgage on your own. Or is the problem that your credit is not as good as hers, and so the two of you are trying to figure out how you can buy a house using your sister's credit but without her being responsible? A little more info here would help us help you.

AW805 · May 10, 2007, 05:19 PM

You can't sign a mortgage over to someone.