Can I transfer the title of my home to my daughter ifI can no longer afford my mortgage payments?

Get Legal Help Today

 Secured with SHA-256 Encryption

Can I transfer the title of my home to my daughter ifI can no longer afford my mortgage payments?

I have tried for months now to re-modify my home loan with no success. My daughter is a recent college grad who working and has a good credit score. If I transfer the title will she still be stuck with the same payment or will she have a better chance at a re-modification?

Asked on October 4, 2010 under Real Estate Law, Massachusetts

Answers:

M.D., Member, California and New York Bar / FreeAdvice Contributing Attorney

Answered 10 years ago | Contributor

If you transfer the title without your lender's permission, you will be in defaultof the terms of your mortgage and your lender can accelerate it.  This means that is will become immediately due and payable.  Additionally, if her name is not on the mortgage, even if it is on the title, she will not be considered to be a "mortgagor" and therefore will have no legal standing to apply for a mortgage modification.   Possibly, you can put her on both the title the mortgage (with your lender's permission).  However, I don't know what ramifications this may all have for a modification. Frankly, before you do anything you need to speak directly with a real estate attorney in your area. 


IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

Get Legal Help Today

Find the right lawyer for your legal issue.

 Secured with SHA-256 Encryption