Hi,
I live in Encino, California. I bought a single family home during July 2006. I got my loan approved through a sub-prime mortage lender. I own the title and also the mortgage in under my name. I applied for a 100% loan and 80% of the loan is 30 yrs term 5/1ARM and 20% of the loan is 15 yrs with fixed rate. I would like to transfer the name to my sister or my sister’s company. How do I proceed in tranferring the property. I do not want to transaction to be a buy/sell, instead I would like to trasnfer the property in my name to my sisters name (includes Title and Mortgage completely). The outstanding balance on the property is $711,000. The property is worth approxiamtely $750,000. What will be the trasnfer fees? I would ilke to know more details regarding the same.
Thanks,
Priya
Willie
Melvin
not possible. when transfering title it triggers the due on sale clause in the deed of trust. It is a sale in the lenders eyes and they will get the money. Now You can rent the property to them and do a lease purchase agreement with them that is not recorded until they wish to buy correctly