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Ray
Ray, Lawyer
Category: Real Estate Law
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Experience:  Texas Attorney for 30 years dealing in real estate
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In Alabama, is it legal to assume someone else's mortgage

Customer Question

In Alabama, is it legal to assume someone else's mortgage via a quick claim deed?
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  Ray replied 1 year ago.

Hi and welcome to JA. I am Ray and will be the expert helping you today.

You would need lender consent to do this, but the quit claim would work for transfer of title.All promissory notes have due on sale clause--if you quit claim here without lender consent they can accelerate the promissory note.But once lender consents to transfer here then a quit claim deed would allow you to transfer title and the other party legally assumes the promissory note.The lender at that point transfers the note to the new party as an assumption and you quit claim title.

See Alabama Assumption Agreement on this page it gives you a sample of the agreement lender has them sign..

https://www.google.com/search?q=alabama+assumption+fo+note&ie=utf-8&oe=utf-8

Quit claim deed forms for you..

http://www.uslegalforms.com/al/AL-02-77.htm

Due on sale clause explained..

https://en.wikipedia.org/wiki/Due-on-sale_clause

That way the new party here has clear title and has assumed the existing note.But you need lender consent here in Alabama so that you are off the note.

I appreciate the chance to help you today.Please if you have more follow up just ask, there are no dumb questions.Thanks again ..

Customer: replied 1 year ago.
Had some technical issues with the system. However, the response was great, 5 stars, as was the advise. Worth the cost. It was fast, not counting technical stuff.
Expert:  Ray replied 1 year ago.

Thanks if you can leave a positive rating it is always much appreciated.Take care now.

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