Home Selling in 19138>Question Details

masih592002, Home Buyer in Philadelphia, PA

Can I sell the property to my wife, so that I can pay off the whole mortgage.?

Asked by masih592002, Philadelphia, PA Wed Mar 27, 2013

My mortgage does not allow me to pay off my whole mortgage, in between the five year period. I can only do that if I sell the property, after paying the penalty. To do so can I sell my property to my wife, so that mortgage condition is also met and I pay off the mortgage also.

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Good Question.... I know a lot of husbands that would like to sell their homes to their wives..... all I know is a dollar deed ...but then your stuck with the balance.

This is either an attorney question or a good line for a W C Fields statement....

All the best, John Curci
0 votes Thank Flag Link Fri Mar 29, 2013
Please call me. I don't understand what your trying to do. There are some questions that need to be answered like How long have you owned the house or had this mortgage? Why are you selling to your wife? How will she pay for it? Have you talked with an attorney that does Real Estate Law as a main part of their practice. contact me at 215-725-5700 X49

Philip J. Cunningham Sr
V.I.P. Realty Corporation
7942 Bustleton Ave
Philadelphia,PA 19152
0 votes Thank Flag Link Wed Mar 27, 2013
That's a question for a real estate attorney. That's not necessarily an arm's length transaction and there might be some red flags there.

Are you prohibited altogether from paying the loan off early or is there just a penalty if you do it?

The other thing I'm thinking is that there may be transactional costs involved in selling a home that total more than the prepayment penalty or the interest you'd ay if you held onto the loan for another few years.

From what I know, selling the property to a spouse would not be an effective (or maybe even a legal) way to sidestep the prepayment penalty. But again, seek some legal advice as opposed to opinion you'll likely find on here

Good luck!
0 votes Thank Flag Link Wed Mar 27, 2013
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