Legal Question in Real Estate Law in California
Transfer Name on Mortgage
I currently have a house and mortgage in my name in CA that was purchased last summer; the loan on the house is also in my name. My father has actually paid for everything, including the down payment, closing costs, and the monthly mortgage payments. I want to ask if it is at all possible to either transfer everything to my father's name (so that my credit record doesn't show me making payments on a house I'm not paying for), or have a document drafted to allow him to make all decisions (i.e., sell the house) on my behalf. Thank you!
2 Answers from Attorneys
Re: Transfer Name on Mortgage
You cannot remove yourself from the loan without the lenders permission.
You can execute a power of attorney giving your father the ability to act in your name to sell the house.
Re: Transfer Name on Mortgage
Your father will have to get his own loan and pay off your mortgage.
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