Real Estate Law
Have Real Estate Law Questions? Ask a Real Estate Lawyer.
My name is***** have over 16 years experience in the law. Should you like to chat on the phone I am happy to for a nominal cost. Let me know at any time during our question and answer session if you are interested I am happy to give you more details.Consent IS required IF the mortgage document requires this. And the vast majority of home loans, specifically the federally insured loans, have such a clause.SO have your family member review the contract...but I suspect they will find it contains the clause that prohibits transfer of ownership during the life of the loan...again, this is common.
Please let me know if you have more questions. I am happy to help if I can. Otherwise, please rate the answer so I may get credit for my work.
Yes. They can...the best way to approach this is to ask the lender to allow the family member to "assume" the loan. If the lender will allow this, that can be an easy way to accomplish.Please let me know if you have more questions. I am happy to help if I can. Otherwise, please rate the answer so I may get credit for my work.