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Is A Home Loan Transferable?

Is A Home Loan Transferable?

Is it possible for someone with an existing home loan to transfer it to someone else?

Transferable Loan Home Is

I would think no. Since it is a loan based on one property value the second person would have to open their own loan and pay of the first one.

Is A Home Loan Transferable? History & Civil Business Politics

Everything is transferable. If you take over payments on a home loan then you have taken over the loan. Getting to the recorders office to transfer the title of the home to your name is not that hard as long as you have a written contract. If this is done from within a family it is a lot easier to accomplish.

Transferable Loan Home Is

Yes if you transferring the home and the loan then it can be done and is easy enough but can just just the loan transfer with out the collateral? Perhaps if a new collateral is put in its place.

Transferable Loan Home Is

Banks buy and sell loans all the time so it should not be hard to transfer just a loan from one person to another. I am not sure if you have to transfer the collateral or not. I have seen some cases where the home loan was transferred but the home was not. I do not believe it is a common thing.

Is A Home Loan Transferable?

That would depend upon the terms of your loan. Usually it is not the case. Most lenders will require anyone assuming the loan to qualify for a new loan. However, there are some loans where someone can "take over" payments if they are willing to buy out the equity from the original mortgagee. These loans are becoming more rare in the current housing mortgage crisis. It would still need to be done with full knowledge and approval of the mortgage holder. If approved the transaction could be completed with a quit claim deed in many states. It would pay to check with a mortgage attorney to verify your local laws concerning this type of transaction.