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Moving in Ann Arbor : Real Estate Advice

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  • Home Buying112
  • Home Selling15
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Activity 2
Tue Aug 18, 2015
Middy Matthews answered:
Did you buy a house yet? I would have some questions to ask, like how much is your budget, what are your needs, have you researched schools, or is that not a concern. Please, if you're not working with a realtor, give me a call and I'll answer your questions and show you how many options you really have in the area. Dexter, Chelsea, Saline, Canton, etc. These communities all have wonderful things to offer, the question is, which one matches your needs.

Middy Matthews
Keller Williams
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Sun Jul 5, 2009
Hannah Fliegel answered:
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!
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