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transfer of mortgage
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ldubes
Posted 10/9/2008 9:12 PM (#1883)
Subject: transfer of mortgage
I live in my elderly parents' home. They still have a mortgage on the home, which I would like to take over. They owe about 1/2 of the home's present value. Can they transfer the remaining mortgage and ownership to my name without a down payment, etc.?
CaliforniaMortgage
Posted 10/29/2008 9:27 PM (#1890 - in reply to #1883)
Subject: RE: transfer of mortgage
Posts: 5
Location: California
They can transfer it to you if the mortgage is a transferable mortgage. If not, you will have to qualify for a home loan, and they can gift you the equity. Good Luck!
cobs
Posted 11/2/2008 9:22 AM (#1895 - in reply to #1883)
Subject: RE: transfer of mortgage
That is some great info, i was not aware of it and was facing the similar problem....well thanks
bobbykorey
Posted 11/10/2008 10:16 AM (#1898 - in reply to #1883)
Subject: RE: transfer of mortgage
Hi,

Just transfer the home to you, everything else related will be automatically transferred....
beatrice
Posted 7/9/2009 9:00 AM (#1993 - in reply to #1883)
Subject: RE: transfer of mortgage
Posts: 4
Yes you can get it without any down payments. Your parents can gift it to you and that too without facing tax problems. Each person has a $12,000 gift tax exemption each year added to a $1 million lifetime gift tax exemption. Using this provision your parents can transfer the property to you using a quit claim deed.
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