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    LTCHC's Avatar
    LTCHC Posts: 3, Reputation: 1
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    #1

    Aug 18, 2008, 07:20 PM
    Transfer deed w/0 refinancing?
    Can I transfer the deed to my brother In-law and have him assume my mortgage so that he doesn't have refinance?
    LTCHC's Avatar
    LTCHC Posts: 3, Reputation: 1
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    #2

    Aug 18, 2008, 07:22 PM
    What kind of costs are associated with transfer a deed?
    What kind of costs are associated with transfer a deed?
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
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    #3

    Aug 18, 2008, 07:26 PM
    Filing costs definitely, attorney fees may also apply. The costs vary geographically. Best to check with your local county clerk.
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    ScottGem Posts: 64,966, Reputation: 6056
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    #4

    Aug 18, 2008, 07:34 PM
    I merged your two threads since they seem to bear on the same issue. Some mortgages are assignable. But the lender has to agree. So you need to talk to the lender.
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
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    #5

    Aug 18, 2008, 07:48 PM
    Yes, you will have to contact the lender and see if they will allow a mortgage to be assumed, some are, others are not, only your lender can tell you that. Also they may allow him to be added to the mortgage, but leave you on, esp if he has lower credit.
    deedgrabber's Avatar
    deedgrabber Posts: 34, Reputation: 4
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    #6

    Aug 19, 2008, 05:44 AM
    You can transfer the deed to your brother-in-law without paying the mortgage off. However you may trigger a due-on-sale clause which could allow the lender to accelerate the loan (demand immediate payoff).

    In today's foreclosure-choked environment, it is highly unlikely the mortgage company would do this if payments have been made on time. I have invested in dozens of deals where we have transferred title without paying the mortgage in full, and have just kept making payments. Often times the house was on the brink of foreclosure even when we started. Never has a lender chosen to take a performing asset and turn it into a foreclosure. This could be more likely to happen if the mortgage you're leaving in place has a rate far below market. I doubt that is the case in today's low-mortgage rate environment.

    Cost to transfer varies by state and locale. In my state of Indiana it would take only about $20 plus deed drafting costs. In other states, they charge a transfer tax based on the purchase price which can include the value of any mortgages left in place on the property.

    As far as having your relative formally assume the loan, I would say that if he would qualify for that, it would be easier just to have him get a new loan and buy the property from you conventionally.
    LTCHC's Avatar
    LTCHC Posts: 3, Reputation: 1
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    #7

    Aug 19, 2008, 10:18 AM
    Thank you all for your advice.

    The situation is far more complicated , but hopefully we don't have to transfer the deed.
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