Can a mortgage loan and property deed be transferred from adult child parents without excessive fees and paperwork and no money being exchanged at the time of transfer?

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Can a mortgage loan and property deed be transferred from adult child parents without excessive fees and paperwork and no money being exchanged at the time of transfer?

Daughter bought house in 2010, lost job, had to move back in with us. She is trying
to sell. We have been making all mortgage payments for her for past 11 months.
Can loan and deed be transferred to us? When house is sold we would pay her the
equity she had at the time we took over the payments.

Asked on December 5, 2017 under Real Estate Law, Michigan

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 3 years ago | Contributor

T'he mortgage cannot be transferred to you if there is any provision in the mortgage stating that it cannot be "assigned" or "assumed" (legal words for transferred or taken over), either at all or without the lender's consent. Since most mortgages have such provisions or terms, it is very likely that the mortgage cannot be transferred to you--most residential mortgages cannot be taken over by another person. You would need to either pay off the mortgage or refinance it in your own name(s) only. Similarly, most mortgages do not allow the property to be transferred (whether sold, gifted or quitclaimed, etc.) without paying off or refinancing the mortgage. So it is unlikely that you can do what you want.


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