Yes you can, when transferring your mortgage to another property its called mortgage porting and is a well known process with the lenders.

If this is a 2nd property, you would need at least 20% down payment. You can do it in different ways. The new mortgage should be approved even if you have the other mortgage in order for the plan to fly. If the 2nd property is a rental property, you are allowed to use 50% of the income as your income to qualify for the mortgage. During renewal you can have one mortgage for 2 properties and hopefully they would have a better rate.

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Hi, to buy new house i took heloc against my old house which i planned to sell shortly to pay off heloc. i could not sell my old house so i am using it as rental property now. i want to convert heloc into fixed rate secondary mortgage. if i convert heloc into fixed rate mortgage, when i sell my rental property will the money from sale be transferred to my primary mortgage company without lump sum distribution to avoid tax penalty? thank you

You might be able to convert the heloc, but two items, one the rate on home equity loans are usually high, and two, home equities are tougher to come by, especially on a rental property. you could look into locking the rate like mary suggested, it depends on the lender and when you took out the heloc as the lock in feature has only been around for a few years. If you sell the rental, any proceeds will be given to you, other arrangements I would consult the irs or a cpa. you may want to look at bank of america for the home equity, I was just talking to a broker contact of mine and she claims they are doing home equities still, best of luck

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I bought a house, and i wanted to know if i did a transfer of property sale would the buyer be under the same mortgage that i was paying, or is it something different?

No..you can't do that. Because you would be giving someone else legal control of the property, you would be signing away all of your legal rights to it AND YOU would be stuck with the mortgage in your name . Of course, you don't want to do that. If you want to sell a house, you do it, the old fashioned way.

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Hey in australia just wondering i owned my house outright (approx $230,000) and used it as collateral to buy another ($280,000) 14 month ago on low doc loan, we borrowed 60% of both houses combined if i wanted to sell the first house can i transfer the whole mortgage onto our current house and keep the money from the sale cheers

You can call the bank and ask but I guarantee you they will say no. They may, however, let you pay down the mortgage to the portion collateralized by the investment house using the proceeds of the sale. This would allow the sale to go through. You could maybe also refi the loan to be just one the one house you keep and again, use proceeds of the sale to pay off part of it if the equity in the house you are keeping isn't enough to cover the whole loan.

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We are in the process of selling our home and are wondering if there is a way to borrow against the sale proceeds. we bought the house outright - no mortgage so we don't qualify for a bridge loan. the situation is this, we can't wait the 2-6 weeks it will take the funds to transfer to us to move. without some sort of a loan we will have a house sold and no way to move out of it!!!

i am not understanding; email me for complimentary help

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I bought the house in late october, halloween to be exact. i was told by the loan officer that if i had signed up for a house and use it as a rental property that i would be able to get some money, and at the time i could use the money. today i have different feelings about the situation going into the new year, im trying to get rid of the house by selling it , the loan officer took out $76,000 for the house on a 30 year fixed mortgage. then he assured me that i would be able to make payments each month back to the mortgage company, if i used it as a rental investment. when i bought the house the previous owner already had tenants living in the house,and on the legal document it says something about."transfer of property sale". can i do that if i want to sell the house? because i've heard people say you cant do that. i need to meet with a realtor, a good realtor who can sell this property that works in the detroit area, im willing to work with anyone who can help me get out of this situation. if you know any realtor please provide any info on how i can contact them. thanks.

Hello troubled buyer, I am not a realtor I am a property manager/real estate investor in Michigan. First of all I would like to thank you for trying real estate investing especially in Detroit,unfortunately you may have purchased @ a bad time, it is extremely hard o sell any property unless you make it very marketable even then you will not get what you are asking. We are a full fledged company that manages residential properties in Michigan. I work with real good realtors but your situation sounds more complex. I was wondering did you just purchase this home Oct 2008? Is this the only property that you purchased thru this loan officer? I believe you may have options but you must act soon.

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I wanted to buy a house as a buy-to-let and couldn't get a mortgage, my brother could so offfered to buy it on my behalf and then transfer or sell it to me when i was in a better position.i paid the deposit, stamp duty and all the mortgage payments. everything worked well as we both trust each other. we didn't have a deed of trust put into place as i didn't know about it at the time. 6 years on i asked my brother just to sell it and give me the money. however, his wife just out of spite towards me, put a unilateral notice on the house. he applied to have it removed and it was this week. i went to the local land registry office to ask for help as she said she will put a restriction of sale on the house so they advised me to put a freeze on the title (os1) for 30 days so no other notices could go on in that period. within that period, he will transfer ownership to me (tr1) so it becomes my house legally. im a bit confused as im not sure if i can do this as the house has a mortgage on it.the lady seemed to think it was fine as there were no restrictions on the title deed by the lender. although i have paid it for 6 years, its still in his name. should i just carry on paying it and leave things as they are? does trasferring ownership of a house necessarily mean i have to change the mortgage arrangements? will the transfer become void if they find out?

I assume you are in the UK. I would be amazed if the loan company did not have control over the title deeds. They hold the title deeds anyway and will not release them willy nilly. If you intend to sell (via your brother) it will be necessary for you both to visit a solicitor together so that there are no slip ups. Unfortunately solicitors are very expensive but there is no other way, other than leaving the current arrangement in place. In the interim ask your brother to leave the house to you in his will (if you haven't already done so) as if the worst happens your charming sister-in-law will inherit your house.

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I will try and sum this up as best as i can. i've rented the house i live in for 3 years now. no lease or contract of any kind was established (i moved in with the landlords' daughter who is my friend and within a couple of months backed out and moved back home to her parents' house). one day an investor knocked on my door inquiring about buying the house. he informed me that he'd seen it for the 2nd time in a row on the foreclosure listing and wanted to know if it was up for sale prior to it foreclosing. what!?! that weekend (on saturday) i look it up online and sure enough...2nd time in a row and it was scheduled to go to auction on that following tuesday! i call my dad and since it was pretty much going up for auction for 5-10k of what was owed on the note still (less than half of the worth of the house), he was interested in buying. i told him i'd speak to landlord and see what was going on. well, sure enough landlord calls me to collect rent for that month and i tell her my findings. she made excuses, and i told her abuot my dad's interest in purchasing and she agreed immediately. she didn't want it to go bad on her credit and said we could just pay it off and that was fine with her. she was to lose the house in 2 days! so, come monday, chaos. we're trying to get it out of foreclosure and they asked for a chunk of change to reinstate it. the landlord didn't have the $ to pay so she calls me and then i talk to my dad and we agreed that if that was the only way to do it, then my dad would put up the amount they were asking with the agreement that she would turn around and sell the house to us once she was back in good standing and house was saved from being sold in auction. we succeeded at reinstatement and she signed a promissory note, which i notarized (i'm a notary). the promissory note states that they (her and hubby) were in agreement that the money we had just sent to her mortgage company was pretty much our "deposit" on the house. states that in the event that reinstatement did not occur or anything else prevented sale of the house to my dad, she'd be obligated to pay the entire amount back to my dad. the note talks about her agreement to sell the house for what was owed on the mortage w/out any further fees to be assessed or expected-besides closing costs, which my dad would be responsible for. my dad hires a title company to do all the paperwork and they established the first set where the owners give consent to proceed with the paperwork and contacting their mortgage company in an effort to pay off their loan and transfer title, etc. so far so good...until it was time to sign away the house-they stalled. this is as of last week. turns out her husbands didn't know anything. by that i mean, he didn't know the house was in danger to be lost much less knew about the sale of the house or anything until the very end. she didn't tell him either! we found out after seeing the pay-off quote to her mortgage that she had failed to pay a single payment for 8 months. then she lied saying her mortage was $300 more than what i was paying in rent so she couldn't afford it....turns out her mortgage is like $8 less than what i was giving her..sure she wasn't making any profit, but she had the mortgage payment every month. anyway, title company called them to tell them to come in and sign and then she turns around calls me and tells me that they were going to need $5k at signing or her husband wasn't willing to sign. i asked her to tell her husband to contact my dad so that they could discuss that. she said she would have him call...but she didn't...she ended up calling my dad herself telling him the same thing she told me. greed! how dare she! now, my question (yes, i'm getting to it)...isn't she breaking the agreement to my dad by asking for more $ when the whole purpose of that contract was for her to not pull this kind of crap? if her husband is the one who refused to sign, why didn't she who the day and time she told the title company she would? i mean, if he doesn't sign and the deal doesn't follow through, then she loses out on the $ she thinks she's getting, will lose the house b/c apparently they can't keep up with the payments and still owe my dad $7500! if my dad agrees to her demand just to get it over with (which is what he plans to do), when she accept that money, isn't she breaking her initial agreement legally binding her to do as she said? wouldn't my dad then have the grounds to turn around and say, you owe me back the money that i put up front since you didn't keep your agreement to me??? feedback please! sorry so long! i knew i forgot something-i'm in texas. yes, i know that it was a very risky thing to do this and that we are not realtory, investors, lawyers, a mortgage company or any other profession that would have allowed us the knowledge to know exactly what we needed to do and what steps to do it with, but keep in mind that i state we had 8 hours in which to work with or they would've lost the house if we'd taken any longer. actually, we didn't get the money wired until literally, the last minute (might've been a few minutes past the deadline the mortgage company gave us in which to wire the $ to them).

This is a really good example of why you should not try to buy a house with a pending foreclosure without a lawyer. There are ways to protect yourself in this situation, but you haven't used any of them. Your dad needs to get a lawyer right now, before taking the next step and making your situation worse. It's apparent that neither one of you knows what you are doing. edit: OK, I accept that you were pressed for time, but there is an old and very true saying in the real estate business. You can afford to pass up a good deal, but you can't afford to make a bad one.

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Person who bought our house has already sold theres and living with family (they dont need a mortgage), we are moving into an empty house and also do not need a mortgage, so basicaly we are all just waiting for transfer of funds many thanks in advance thanks in advance for answers

If there is no mortgage involved and no chain,this can be done in a couple of weeks, it certainly ought to get done in 4 weeks. The slow bit will be searches. This assumes there are no issues to resolve eg structural problems thrown up by survey.

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We lived in ga, but we had to move out of state due to my husbands job. he lost his job after being with the same company for 25 years. he had to take a job in md and then transferred to va which is where we will stay until we retire. it is a good job and good community which we like. husband has excellent credit, which may not last very long because we are paying rent in va. we cannot afford the mortgage in ga and the rent in va. we have the house in ga for sale as a short sale so we can sell it quicker. we have had offers, but the mortgage company is taking their time and two offers backed out because they did not want to wait to buy our house. the house we are renting is a nice house, it is up for sale and the realtor just told us the owners have an offer. since we are in contract with them, we have a year until we have to move. but were hoping to not move so soon. the owners wants to know if we want to buy it. they would give us the first choice since we are already renting it. we are undecided whether to ask for a rent to own option, or just move out in a year or ask the owners to pay our moving expenses and try to find another place now. i have been very sick and the moves have taken it toll on me. we have no savings, but we always pay our bills and our credit is excellent. but we know that it won't be soon because we have missed 3 payments on the house in ga. we have exhausted our savings and a portion of our retirement. we only have about 25,000 left in retirement. we just don't know what to do. the loss of a job and two moves have really caused me stress and illness makes it worse. but we just can't decide on what to do.

I am sorry to hear this. I can only tell you that we real estate agents are frustrated with the short sale process too, I understand the banks want to think twice before losing money, but they actually lose more in foreclosure, especially when there are so many other foreclosed houses on the market. Plus our buyers get mad when they wait around for months and the whole thing drags price values down for other sellers. There is talk of a law to force faster decisions by banks on short sales but I am not sure it will come in time for you. I don't know what to say except to call your agent back in GA and have him make some calls to the bank. Can't promise it will help though.

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I bought my first house in december 2006 jointly with my husband. after having redeveloped the property, we would now like to sell the property on and make a nice profit on the sale of this house. however, birmingham midshires state that there will be an early redemption penalty of around £11000 to pay, should the mortgage be repaid within the first two years (i.e. prior to december 2008). does this early redemption penalty still apply if we wish to continue to use birmingham midshires as our lender and if we wish to continue to use the same mortgage deal as we presently do and the new mortgage is the same value as the amount we presently owe? any suggestions appreciated! thanks!

There shouldn't be a charge as what your wanting to do 'porting'. This is basically where you sell your current house and move the product to the new property. The redemption charge only applies when you're literally paying off your mortgage by remortgaging or paying it off by other means. This isn't the case from what you've said. Hope this helps xx