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calli8 · Sep 21, 2009, 08:55 AM

Hi, can anyone please help -

My sister bought a house in which me and my brother live in - the deeds and mortgage are in her name but I pay half the mortgage and all bills. I recently got married and she now wants to transfer everything into mine and my spouses name by April next year, as the 5 year term of the mortgage will come to an end. How can we go about doing this without incurring any unnecessary costs?

Would it be possible to transfer mortgage over to us, so we can just continue paying the amount left on it; without my sister having to "sell" the house to us at the current market price?

Thanks

stevetcg · Sep 21, 2009, 08:59 AM

No - I'm afraid not. Mortgages aren't typically transferable.

She could contact the mortgage company but I tend to doubt they will go along with it.

ballengerb1 · Sep 21, 2009, 09:25 AM

I agree, mortgage companies do not transfer a debt. New person must qualify and pay the fees associated with obtaining a new mortgage.

excon · Sep 21, 2009, 09:28 AM

Hello c:

Steve is right... However, if I understand your situation correctly, your mortgage appears to be pretty much PAID. If that's so, the mortgage company will be MUCH more likely to let you assume...

You also speak of "unnecessary cost". Those are good avoid. However, I believe the cost of a lawyer, in YOUR circumstance, to be absolutely necessary.

excon

stevetcg · Sep 21, 2009, 09:48 AM

Originally Posted by excon

Hello c:

Steve is right... However, if I understand your situation correctly, your mortgage appears to be pretty much PAID. If that's so, the mortgage company will be MUCH more likely to let you assume...

You also speak of "unnecessary cost". Those are good avoid. However, I believe the cost of a lawyer, in YOUR circumstance, to be absolutely necessary.

excon

The way I read it is that they are 5 years in... meaning they had a 5/1 ARM and the fixed period is about to end. You could be right though...

calli8 · Sep 22, 2009, 03:43 AM

I was wondering - what if I were to add my name to the mortgage and deeds before the 5 year mortgage term ends in April ,then, when we go to sign a new mortgage deal my sister removes her name... would that work?? (we are hoping to put down a large deposit, when starting the new mortgage)... by the way thanks for replying:)

stevetcg · Sep 22, 2009, 04:46 AM

I don't believe that is how mortgages work.

You mention the 5 year term... is that the 5 year part of a variable rate loan? That does not require a new note to be signed... therefor your sister cannot leave her obligation without it being satisfied.