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

One Response to “Transfer title and mortage to my sibling?”

1. golferwhoworks on April 16th, 2009 9:08 pm

   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

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