I need to get rid of my mortgage payment and my brother is offering to take it off my hands with a transfer so i don't have to short sell or worse, foreclose. Can we do it this way? I have an FHA mortgage by kinderwelchen2i37... from Indianapolis, Indiana. Jan 2nd 2015
The easy way to do it, especially if he will use it as a rental, is to have him catch up any back payments, and then just start making the payments. This is called "taking a property subject-to an existing mortgage". I have done many this way.
You cannot transfer a loan as it may cause the due on sale clause. If you have an FHA or VA loan he may be able to assume it depending if he qualifies. May look into what Dave is saying. I have never tried that, but it may be an option?
lender usually has a clause in the mortgage where the assumer must met the lenders guidelines to assume the mortgage, you might want to call your lender or have a real estate attorney look at the mortgage and note..good luck
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