I own a home that is secured by a mortgage. I would like to sell the home to my daughter and husband and be the mrtgage holder. Is this possible and what legal requirements would there be for me as the mortgage holder? Is there another alternative where I can just add them to the deed and refinance the mortgage for a greater amount so that they could pay me from the set price for sale without me as an obligor on the loan?
Answer
there are many questions which can best be answered in person. Is there a gift of equity involved? Are you paying off the first mortgage or is your mortgage a second? Will the lender call the loan under the due upon sale clause? Please call my office to set up an appointment.
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