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P. Simmons
P. Simmons, Lawyer
Category: Real Estate Law
Satisfied Customers: 33307
Experience:  12+ yrs. of experience including real estate law.
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Family member paying note on their home but wishes to

Customer Question

Family member paying note on their home but wishes to transfer the title to another family member, and still assume the note. Is consent required from lenders to have warranty deed drafted?
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  P. Simmons replied 1 year ago.

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.

Customer: replied 1 year ago.
The other family member is financially able to assume the note. Can the lenders be asked to consent to them assuming the note as well as have the have title transferred?
Expert:  P. Simmons replied 1 year ago.

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.