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Most mortgages contain a "due on sale" clause. That means that if you transfer the property the entire mortgage amount becomes due and payable at once.
Also, if you transfer the property you still remain responsible for the loan. If you stop paying the lender can foreclose no matter who you've transferred it to. If they foreclose and they don't get enough at the auction to cover the amount of the loan then they will come after you for the balance. If you want to transfer the property the best thing to do is have the buyer refinance at the time of the purchase/transfer. |
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