Can I transfer the title of my home to my daughter ifI can no longer afford my mortgage payments?
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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 13 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.
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