QUESTION

May I have only my name on the deed, but both my daughter and I on the mortgage?

Asked on Jun 26th, 2014 on Estate Planning - Florida
More details to this question:
N/A
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2 ANSWERS

Technically the lender required both borrowers to be owners if the property at the time the loan was approved and there is typically a clause in the mortgage that says that if the property is transferred to someone other than the borrowers, then the mortgage is due in full. Moreover, the second borrower is still on the hook for the loan, even if you transfer ownership completely to yourself. From a practical point, the lender typically will not default the loan upon transfer as long as it remains current.
Answered on Jul 01st, 2014 at 9:46 AM

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Real Estate Attorney serving Gainesville, FL
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Generally, yes. However, I would urge you to consult with an estate planning/real estate attorney in your area before taking any action.
Answered on Jun 30th, 2014 at 8:21 PM

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