Legal Question in Real Estate Law in Pennsylvania

Deeds

Can I tranfer a deed to my son even though I still owe money on my morgage?


Asked on 9/15/02, 2:18 pm

2 Answers from Attorneys
Miriam Jacobson Retired from practice of law

Re: Deeds

Under most mortgages, any transfer without paying off the mortgage will cause a default. It would be better to check with the lender or mortgage holder if they would consent in writing to the transfer, so that you are not in default and the mortgage holder will not forclose.

Read more
Answered on 9/15/02, 3:05 pm
Gerald Hershenson Law Office of Gerald M. Hershenson

Re: Deeds

You really should request permission of the Bank. Technically if you transfer they could demand the balance of the mortgage paid. The phrase in the mortgage document allowing the Bank to call the mortgage is called a "due on sale " clause. It can be done if you approach the bank in the proper manner. If I can be of any assistance please call me. Gerald Hershenson 215-579-9390

Read more
Answered on 9/15/02, 3:08 pm


Related Questions & Answers

More Real Estate and Real Property questions and answers in Pennsylvania