Legal Question in Real Estate Law in California
I'd like to sell my home but it's under water. My mother would like to purchase my home but does not have the income qualification or the down payment to purchase via a mortgage loan. I was told by a friend that deed in lieu can be used to have my mother become a junior lien holder, at which point the bank is obligated to transfer the loan to my mother without any regards to her income qualification. Is this true? If so, is there a specialty paralegal to be consulted when drafting the deed of lieu?
2 Answers from Attorneys
No. A deed in lieu of foreclosure is a deed to the beneficiary (meaning the lender), in lieu of them foreclosing. A deed to someone else is a deed to someone else, and does not transfer the mortgage or deed of trust, unless the lender consents to the new owner assuming the loan.
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