Legal Question in Landlord & Tenant Law in Maine
Can you assume a mortgage and transfer a deed without including the home lender?
Asked on 7/04/17, 1:51 pm
1 Answer from Attorneys
Elliott Teel
Teel Law Office
The person who signed the mortgage will still be responsible for it, and the home can be foreclosed on if payments are not made. The mortgage or promissory note may deem a transfer of the property a default on the note, and lead to foreclosure. You should contact the mortgage company to see if they will allow the transfer of the property by deed subject to the mortgage.
Answered on 7/05/17, 6:00 am