Can I Sign My Mortgage Over To Another Person?

8 Answers

Abi Ainscough Profile
Abi Ainscough answered
You will need to contact your original mortgage provider, or have your contract to hand and speak to a lawyer to find out if you are able to do this because different mortgages have different clauses, and different mortgage providers have their own sets of rules.

You say that you want to sign your mortgage over to your friend; is your friend in a position to be able to take this on? If the answer is yes (and why wouldn't they be if you are prepared to sign it over?) then why don't you simply sell your property to him or her and then that will be the end of it.

The only reason that I can think of that you wouldn't want to do this is because your friend may not have a good credit rating so perhaps they wouldn't get a mortgage in their own name. If this is the case your mortgage provider is not going to be thrilled by this person taking it over anyway.

Perhaps you should see a lawyer anyway and see if there is some way that you can draw up a legally binding contract between you that means that your friend takes over the mortgage payments even though the property stays in your name (to satisfy the lender). This way maybe both of your interests can be protected, because if you simply sign the mortgage over, you will lose out on the payments that you have already made. This means that you would not benefit if the property is sold.

This is not just a straightforward transaction: There are a lot of variables to be taken into consideration to make sure that you are not breaking the terms of your mortgage, and that both your, and your friend's interests are protected.
samual answers Profile
samual answers answered
You may be able to sign a "quit claim" so long as the other party agrees to take over the mortgage as you would if you were to get a divorce.
John Nawrocki Profile
John Nawrocki answered
I think it is mostly up to your lending institution. They might be happy to add an additional individual of responsibility to the mortgage but not so happy to remove you.
 
That said you might have an assumable mortgage. That is a mortgage where a buyer of your property can assume the remainder of your mortgage at the same interest rate. Read your mortgage and see if it is assumable. If so sell the property to your friend.
Anonymous Profile
Anonymous answered
Don't quit claim it, it won't help with the mortgage it will just give someone else intrest in the property.  Call the lender, find out if it is assumable.  Ask if it is assumed could you still be held liable for the payments, in some cases you can still be held accountable.  If this is an option, the person assuming your mortgage will still have to qualify for the mortgage.
Vatsal Agarwal Profile
Vatsal Agarwal answered
No you can't do that.
Charles  Bosse Profile
Charles Bosse answered

Transferring your mortgage loan to another person dismisses you of the financial responsibility. Instead of selling your home through a formal sale process, you can transfer ownership to save yourself time and money. If the person who wants to take over the mortgage is already listed on the deed, transferring is simple. However, the ability to transfer to a mortgage to a new owner depends on if the loan is assumable or not. For more info visit Bankruptcy Experts Portmacquarie.

Anonymous Profile
Anonymous answered
I want to sign the mortgage over to the other person named on the mortgage, can I only do this if they qualify to take on the full mortgage?

Answer Question

Anonymous