Legal Question in Real Estate Law in Florida

Sirs:

With the economy so bad I am trying to sell a home. I already have a set price with a potential buyer.

I am current on all payments,ins,and taxes, it is not a foreclosure home. I want them to take over the payments,with them being responsible for taxes,ins and the upkeep of the place. I will be selling it "as is" it is an older home. Can i transfer the mortgage into their name and attach a second mortgage lien(myself) and the payments come to me after 1st mortgage is satisfied. I am not even asking for a down payment I just want to get rid of the home. I am willing to call a real estate attorney if you can point me in the right direction. This is not a scam deal,I recently divorced and want to cut all ties in FL..Thank you so much for your time..


Asked on 5/04/10, 7:08 am

2 Answers from Attorneys
David Labovitz Labovitz Law Firm, P.A.

Hi. You can't transfer your mortgage. The first lender will not allow a transfer or an assumption. You do have some other possible options, however. You might be able to do a contract for deed, if it's not in violation of your mortgage or you might also be able to structure a lease/purchase option. You are welcome to contact me if I can help you further.

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Answered on 5/09/10, 7:23 am
Lesly Longa Longa Law P.A.

No, you cannot just transfer it. If the buyer is purchasing the home for more than what you owe, then have them get their own financing and you will be able to get out of it easily without having to deal with it again if they default. Regards,

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Answered on 5/10/10, 6:50 am


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