4 Thoughts on how to transfer mortgage and title to myself from my parents?
  1. Reply
    My Take on It
    January 26, 2014 at 1:35 pm

    Mortgages are not assumable.
    You need to buy the house from your parents either the normal way, via a bank and getting your own mortgage or get them to do an owner finance or lease option for you.

  2. Reply
    January 26, 2014 at 1:47 pm

    You can’t just take over the mortgage.
    You would need to “purchase” the house from them and get your own mortgage.

    If your parents want to keep the current mortgage, have you pay it and add you to the title, you could also do that.

  3. Reply
    Collector Blake
    January 26, 2014 at 2:00 pm

    You could have them just quitclaim it to you and begin paying the mortgage, but they would still be responsible for the mortgage if you didn’t pay.

  4. Reply
    John D
    January 26, 2014 at 2:53 pm

    If you try and buy the mortgage from them your loan will be under quite a bit of scrutiny. Banks are leery of a home sale that involves friends or family, they assume the worst is possible, that you’re “bailing out” your parents and might not be able to afford the home.

    Talk to a loan officer at a bank (maybe one you’re not even interested in borrowing from), see what their reaction is. Make sure your finances are in order and you walk in knowing how much the whole process is going to cost you.

    I’m not sure if you can quitclaim to a 3rd party if the house is still under mortgage though. Technically the bank is still part owner. Never dealt with that part of the process. Good luck!

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