Legal Question in Real Estate Law in Maine
My mother has a mortgage with my brother. How can she transfer it to him?
2 Answers from Attorneys
A mortgage is only part of a transaction, it is a pledge to secure repayment of a debt with real estate. Therefore, the creditor who is collecting payments on the underlying debt, and who benefits from the security of the real estate, would need to agree and approve of any transfer, assignment or adjustment or rights of the debtor, the mortgagor, or both.
Your question is not very clear. Are you saying your mother and brother own property and are both on the mortgage? If so than as Jerome stated, the mortgage company will need to approve of any release to your brother. There are two parts to the transaction, the transfer of the deed and the release of the mortgage. If that is not the situation, please provide further information to clarify.
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