Legal Question in Real Estate Law in Missouri
contract for deed in missouri
I own a house in missouri, my kids want to buy the house from me at the remainder of the mortgage, they have had a bankruptcy cleared for two years now, the interest rates are terrible, is there anyway I can just gift the house or have them assume the loan. Thank you
1 Answer from Attorneys
Re: contract for deed in missouri
An attorney would need to review your existing finacing documents in order to determine whether the mortgage is assignable. Most are not. I would also look for what is called a "due on sale" clause which would have the effect of allowing the lender or holder of the note to declare the entire remaining balance due in the event of any sale, or gift, of the real estate. There may be other ways to accomplish your goals. I would sugggest that you consult with an attorney.
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