If you own a home but still have a mortgage on it, you might not think that it would be possible to transfer your ownership of the home to someone else. But in reality, you can do this if you would like in many cases. You just need to know how to go about doing it in the right way.
Today, we’re going to walk you through the steps that you’ll need to take when you want to figure out how to transfer ownership of a house with a mortgage. It’ll make the process simple for you and the person who will be taking over ownership of your home.
Continue reading to find out the ins and outs of transferring ownership of a house with a mortgage.
Begin by Seeing If You Have What Is Called an Assumable Mortgage
First things first: Before you start trying to figure out how to transfer ownership of a house with a mortgage, you should see if you have what is known as an assumable mortgage. Also sometimes called a transferrable mortgage, it’s a type of mortgage that allows you to transfer your mortgage to someone else without a problem.
The average mortgage lender would prefer not to give out assumable mortgages. They often lose out on making money by giving homeowners the option to transfer their mortgage to someone else.
But you could very well have an assumable mortgage in place. It’ll make it so easy for you to transfer your mortgage to a buyer, a relative, or someone else.
Be Sure You Understand How to Transfer Ownership of a House With a Mortgage Properly
Prior to trying to transfer ownership of your home to someone else when it has a mortgage on it, you should also loop your mortgage lender into the conversation. Even if you have an assumable mortgage, they could very well have a clause in your mortgage that states that you can only transfer ownership of your home in certain instances.
Once you have your mortgage lender’s permission to transfer your mortgage, you can then work with a real estate attorney to make the transfer possible. They’ll help you fill out the proper paperwork with your county to complete the transfer of your property.
Speak With a Lawyer If You Have Any Questions About Transferring Ownership of Your Home
If you don’t go about transferring ownership of your home with a mortgage properly, it could come back to bite you later on. You might find yourself in trouble with your mortgage lender. You might also find that your name will still be listed as the owner of a home despite the fact that you tried to transfer it to someone else.
A good real estate lawyer should be able to answer any questions about the process that you might have. You might also want to consider calling on a trust lawyer to go over estate laws with you if a home’s ownership is being transferred with a mortgage because of a death in your family.
You Can Transfer Ownership of a House With a Mortgage in Many Cases
Figuring out how to transfer ownership of a house with a mortgage isn’t always going to be easy. But you can make the process more manageable by taking the right steps.
Use everything that you’ve learned here today to get the process started. You should be able to transfer the ownership of a house with a mortgage in no time at all.
Get more legal advice pertaining to real estate-related issues by reading through the other articles posted on our blog.