Legal Question in Real Estate Law in Maine
real estate transfers
can you add your kids to your deed or give them the property and still pay the mortgage if it is still has not been paid off? s...without paying off the loan first
Asked on 7/26/07, 11:01 am
1 Answer from Attorneys
Jerome Gamache
Ainsworth Thelin & Raftice, P.A.
Re: real estate transfers
The legal transfer of the property can be done with an existing mortgage, but the transfer is of course, subject to the mortgage and does not affect the lender's rights in any way.
However, the issue is that most mortgages have a "due on sale" clause which gives the lender the right to require that the loan be paid in full if the property is transferred as you are thinking. The mortgage company might not enforce the provision, but you need to know that they can enforce it if they want to.
Answered on 7/26/07, 1:55 pm
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