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    elecho12's Avatar
    elecho12 Posts: 3, Reputation: 2
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    #1

    Jan 30, 2007, 08:13 PM
    Transfer of Deed but retain the Mortgage
    A friend ask me to purchase a house for him in my name(because of my credit history). He promises to pay the mortgage and other costs. If I transfer the deed to him but keep the mortgage in my name, what are my rights concerning the property. In case he does not pay the mortgage. (I know that my credit is at risks) what I want to know is in case he cause a negative effect on my credit and I want to get out of the mortgate what can I do or will be able to do in such a case.
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
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    #2

    Jan 30, 2007, 08:20 PM
    You can not transfer the deed without paying off the mortgage,

    Next if you could ( but you can't) you would have no protection, the property is the security for the debt, and you can not get rid of it before you pay it off.

    But if you did, you would end up paying for the house and he would live in it free.

    Your friend I think looks at you and says "sucker"

    Please read the 100's of posts of people cheated out of their money by others and don't even consider such stupid things like this
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