If you have a house you cannot afford anymore and it is being rented, can you give the house to the renters?

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If you have a house you cannot afford anymore and it is being rented, can you give the house to the renters?

Asked on January 17, 2019 under Real Estate Law, Alaska

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 2 years ago | Contributor

1) You can offer it to them, but cannot make them accept it. No one can be required to accept any property or asset against their will.
2) If there is a mortgage (or HELOC or reverse mortgage, etc.) on the home, you cannot legally transfer the home without paying the mortage, etc. off, and transferring it does not eliminate your personally liability for the loan--you'd still owe the money (principal and interest) you agreed to borrow, since the loan you signed is a contact and can be enforced against you like any contract you signed.


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