Hi Marilyn,

I am aware of this arrangement it is called a "subject to the existing loan" There are two items we are discussing here. The first is the Loan and the second item is the Title. Typically the person who would take over your home would want the Title transferred to their name, the loan would then stay in your name.
If you believe that this party would pay your mortgage every month and take "Over" the home then you are probably ok.
However, if you just sign off the Title and that party does not make your mortgage payment you are probably setting yourself up for trouble. Especially if the lender goes back to you at some point and shows that you committed mortgage fraud by signing off title.
I hope this answer is helpful. I do know of many cases where this arrangement works just fine, I do want to share where you potentially can be vulnerable however if things do not go smooth. I wish you well!

hi...with a bit more information, i'll be glad to help you........best regards.....bob mcclure- success mortgage partners- plymouth, michigan.....

Hi Marilyn,
Does this mean you want someone to buy your home, and assume the mortgage? If that is the case, your first step is to find out from your current bank if your mortgage is assumable. An assumable mortgage is rare these days, but if you have owned your home a long time, it is possible that yours is.
Even if it is, I am not sure I would recommend it.
You should work with a Realtor who will discuss your situation with you, and make recommendations based on your goals and your current situation. I would be happy to help you further. Please feel free to call me at 734-678-8729 or email me. My website is below.

JoAnn Barrett
Edward Surovell Realtors

Me, too! Let me know if you find them, and please give them my number as well!

Marilyn,

It may not be that simple. Your mortgage likely has a clause that actually prohibits anyone from "taking it over" (legally called an assumption). You have a few options:

1) Renting the home--either long term or short term to cover your mortgage
2) Putting your home on the market and trying to sell it
3) If you think you owe more than it's worth you can put on market and try to short sale it where bank takes less than your mortgage amount is.

If you need more info on any of this, contact me anytime..thompgroup@gmail.com