My wife and I bought a house in N.Y. six months ago. I was told that now we can do a deed transfer sale to a corporation, at which point we would transfer the deed and the mortgage over to the corporation. Is this accurate?

Hello ad:

Sure, if your mortgage is assumable and the corporation can qualify for the loan on its own credit. But, most mortgages aren't assumable anymore. Yours might be. It's in your contract.

However, even if the corporation is successful and relatively wealthy, the mortgage company is probably going to want the officers of the corp (you) to sign a personal guarantee in any case.

excon

Not a lot in this, is this your corporation ? Is this someone buying the property ?

But as excon mentioned, unless you made arrangements with the mortgage when you got it, to allow it to be assumed, and then the mortgage company would always have the right to deny if the person or corporation does not have enough credit. If this is an attempt to protect the properties though a corporation and not have personal liabiilty, most likely the mortgage will not agree. If you want to transfer it to a corportation you are the owner of, and you will sign to the mortgage company a letter of responsibility, saying you will still be personally liable for the mortgage if the corporation does not pay, theymay allow you to do a new mortgage under the corporation names but holding your personally liable ( many companies have to do this when they have little corporation credit to start with)