Legal Question in Real Estate Law in Georgia
I have a residential property in cobb county that has my name on the loan, but my mom has been making the payments and living there, but she wants the loan in her name and the property. How can we go about this without going through a sale process. Basically she wants to take over the existing loan with her name on it, and remove my name. Where do I start? Should I first do a quit claim to add her name to the dee
2 Answers from Attorneys
She can go to a lender (including the current lender) and apply for a loan. You don't get out of a debt just because the two of you don't want to go through the proper procedures. Signing and recording deeds will do you no good, will only provide red flags to lenders, and may end up with the current lender calling the entire loan due and foreclosing.
She can't take over your loan unless the lender consents. That means she needs to apply to assume the loan, or buy the property from you with a new loan.
A quitclaim deed may trigger a due on sale clause, meaning the lender would demand the full balance from you and then foreclose.
Related Questions & Answers
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
