Transferable only applies if the buyer is qualified with the same rate. Buyer takes over the new mortgage and the bank only pays the difference to your lawyer who will split the money appropriately.

Yes, you can deduct mortgage interest as well as property tax and maintenance from your investment property in Canada. If you own multiple units and you are the one managing them you should also open a property management company and charge your properties a management fee which is also tax deductible.

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My parents put down the money in my condo years ago when we bought it. they wanted to put it under my name to establish a good credit. i lost my job over a year ago and had a hard time paying my mortgage & other debts. my credit went downhill. my parents found out it was in the foreclosure process, they decided to pay off the balance so i can still have a place to live. but they transfered it under their name.

It's only fraud if you didn't sign the transfer papers - in which case, someone would have had to have forged your name. There was no need to transfer the name on the deed to avoid foreclosure if the payments were made.

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I would like to transfer the ownership of my property is this possible at all? if yes does it have to be transfered to adults only or can i trasfer it to my children somehow. i pay the mortgage for it and have also insured my mortgage payments. does anyone know?

Well the problem is that you are paying a mortgage, so your mortgage company would have a charge on the property. You should speak to a solicitor for best advice.

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I have a mortgage, fixed rate for 5 years but want to move house. if you stop your mortage before that period you suffer an early repayment fine of about £2,000. does anyone know if they would still fine you if you used the same bank for your next property, like transfered the deal, especially if you had good reason to move such as living in a bad area.

I asked my lender (HSBC) about this and they said it would be OK. As long as you stay with them you don't have to pay the fee.

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Husband's ex-wife and spouse transfered property title to unknown individual (sold home?) for 45k less than than their original mortgage taken out 4 years ago when they purchased the home. looks like they lost 45k on the house and now still live in it....paying rent to new owner? lots of diy projects over the last 4 years -looks ametuer and unfinished

If you can not get insurance - your company will put what is called "forced insurance" on the property - to insure they are covered for the amount of the loan.....BUT it is for their coverage only - it is not for contents, etc - If you had a fire - company pays off the loan, but not the contents of your personal property - there is not medical insurance on the property if someone got hurt on your property. Hope this helps - Do a web search for your state. For Indiana it is IN.gov - Good luck

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I say when the construction is done and the property is actually transfered to the owner. but my friend thinks you start paying your mortgage before you move in!

Your mortgage contract will stipulate when payment begins. Usually after closing on a mortgage you have 30 days "free." After 30 days you begin making monthly payments, mostly interest, some principle. Ask your mortgage broker for the specifics on your loan as individual loan packages can differ.

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My mother is mentally ill, but has not been sectioned. i am taking over her mortgage on the family home as she is no longer able to pay, i would like the mortgage to be transfered to my name, is this possible? do i need to transfer the deed of the house to me?

In UK law, yes you can. You do not need to transfer the deed to your name. Speak to a solicitor who will advise you accordingly and get the ball rolling. It will have to be shown by an independent medical practitioner that your mother is not of a capacity to reasonably conduct her business alone. She does not need to be subject to the Mental health Act. Good luck.

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Ok. so im interested in purchasing this house for a very small amount of money and in exchange pay off the owners back taxes on the property and about 8 grand worth of liens from the city. (for not taking care of the property, etc). i understand that liens have to be payed off before the title is transfered, so can i get it payed off immediately by a creditor and pay for the liens monthly?

1. Determine what you feel the property is worth on the open market (ask your agent) 2. Determine how much you are willing to pay for the property (as if it had no liens) 3. Get approved for the loan for #2 (talk to mortgage broker, lenders) 4. Determine the total of the liens (ask your agent, title/escrow officer, attorney) 5. The price you offer for the house is #2 minus #4, plus you will have the liens paid off as part of the purchase. All of this is included in your loan. 6. When you make your payments on the loan, you are financing the purchase and the liens, together in one payment. 7. Enjoy your new property and give a shout out to your friends here at Y!Answers and invite them to a BBQ! :-)

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I know about quit claim transfers, but can the mortgage be handled in the same way? just transfered into a new name, or does the property have to be "sold". ie, go thru escrow and all that or can the loan and note just be transferred?

Very few loans are made these days that have transferability. The loan is made in the names of the original borrowers based on their specific qualifications. Your loan documents will tell you whether or not you loan can be "assumed". If it is a fixed rate, chances are very low that it can be assumed. If a husband and wife owned a house together, got divorced, and the husband got the house in the divorce settlement, even though the house would be in his name, the loan would still be in both their names, and on both their credit reports until such time the property is sold or refinanced in the name of the husband only. So, in short, check your existing documents as to whether or not it allows "assumability". If you don't have a copy of your loan documents, call your lender and ask.

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Okay here is the deal. i currently own 50% of a home. my uncle who just passed away 4 days ago owns the other 50%. he has never been married nor has any kids. the only immediate family he has is 3 siblings still living who are all younger than him. so i am trying to find out to whom his 50% will be legally transfered to. also does some sort of legal paperwork need to be completed or is this transfer automatic upon his death. the home is owned free and clear with no mortgage. btw we are in the state of georgia.

First his estate has to probate. Any outstanding bills have to be paid, the house may have to be sold in order to pay them. It will not transfer anywhere until he has no debts. Then his 50% would be divided between the siblings. You will have to appraise the house to determine his 50% to give to the estate.

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Hi, i make around 35- 40 k a year, we live in california. i am hoping to qualify for a 90k mortgage. before i go to the bank i want to make sure i am doing everything right. my husband and i have another property under his name. due to some reasons ( he is trying to refinance the other house) we don't want his name to be on this mortgage application. i have only a small car payment plus a credit card bill under my name. i think before i go to the bank i should pay off my credit card. i have about 2500 on it. i know it is not a big amount of debt but since i am trying to qualify for only 90 k and my income is not that high, this $2500 can make a difference. i have 2500 dollars in my savings account, so i simply can pay it off. the problem is that if i do it i will have zero in my savings and zero in my checking. i don't know how the bank will look at me. they will think, " of course, she has no debt, but she has not savings either" so i think my options are: 1. leave it like it is. i will have 2500 on my credit card and 2500 in my savings 2. try to pay this credit card off. then i will have neither savings nor debt 3. tell my husband to pay off my credit card with his credit card. so all my debt will be transfered to him and i will still have 2500 in my savings. the third option looks good, but the problem is that i think it takes up to a month to transfer balances on credit cards. (although i am not sure) . we are in a hurry and need to try to qualify as soon as possible. so what do you think my best option is? edit: sorry, i forgot to mention, i have 20 k downpayment.

You have no downpayment. No money, inadequate income. Your chances of getting a mortgage in this tight market are zero