Lenders Usually Won't Call in a Loan When Transferred to Family -BYLN-

Daily Herald (Arlington Heights, IL), January 12, 2013 | Go to article overview

Lenders Usually Won't Call in a Loan When Transferred to Family -BYLN-


Q. I still have a mortgage but would like to give my house to my daughter. How do I do it? She cannot buy it as her credit is bad. Im 86 and have to do something before I pass away.

A. Have you considered just making a will? Thats the simplest thing.

At any rate, giving the house away is easy. You just have a lawyer draw up a new deed, sign it and have it entered in the public records. Lenders do not usually call in a loan when the transfer is to a family member. You might want to double-check that with your mortgage company ahead of time, though.

I dont know your whole situation or your daughters, so I cant say whether this is a wise step. Before you do anything, talk it over with a lawyer who specializes in estate planning or elder law. You may need to consider possible unintended consequences or make provisions now to avoid future capital gains taxes.

And by the way, Im also 86 years old. Thats even the name of my blog: 86andholding.blogspot.com.

Q. I was browsing county records and found a record stating that my mortgage was discharged over a year ago. I am still paying on it so how can that be? Is it something to do with when we were able to drop the PMI off the monthly bill?

A. Wow thats one I never heard before. I take it you were browsing those records on the Internet?

Dropping private mortgage insurance shouldnt trigger any change in the public records. Perhaps someone at your lenders office did make a mistake at that point. Was that when your PMI payments stopped more than a year ago?

This hardly seems like a problem, though I suppose theres an off chance extra paperwork could be required to clear up the error some day when you sell. You could always contact your lender about it, though I can see that just leading to more confusion.

Or you could have an accountant double-check your figures. Perhaps youve been paying more than you should, and you really have paid off the debt? Not likely, but hey, you never know!

Q. My husband is deceased. …

The rest of this article is only available to active members of Questia

Already a member? Log in now.

Notes for this article

Add a new note
If you are trying to select text to create highlights or citations, remember that you must now click or tap on the first word, and then click or tap on the last word.
One moment ...
Default project is now your active project.
Project items

Items saved from this article

This article has been saved
Highlights (0)
Some of your highlights are legacy items.

Highlights saved before July 30, 2012 will not be displayed on their respective source pages.

You can easily re-create the highlights by opening the book page or article, selecting the text, and clicking “Highlight.”

Citations (0)
Some of your citations are legacy items.

Any citation created before July 30, 2012 will labeled as a “Cited page.” New citations will be saved as cited passages, pages or articles.

We also added the ability to view new citations from your projects or the book or article where you created them.

Notes (0)
Bookmarks (0)

You have no saved items from this article

Project items include:
  • Saved book/article
  • Highlights
  • Quotes/citations
  • Notes
  • Bookmarks
Notes
Cite this article

Cited article

Style
Citations are available only to our active members.
Buy instant access to cite pages or passages in MLA, APA and Chicago citation styles.

(Einhorn, 1992, p. 25)

(Einhorn 25)

1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

Cited article

Lenders Usually Won't Call in a Loan When Transferred to Family -BYLN-
Settings

Settings

Typeface
Text size Smaller Larger Reset View mode
Search within

Search within this article

Look up

Look up a word

  • Dictionary
  • Thesaurus
Please submit a word or phrase above.
Print this page

Print this page

Why can't I print more than one page at a time?

Help
Full screen

matching results for page

    Questia reader help

    How to highlight and cite specific passages

    1. Click or tap the first word you want to select.
    2. Click or tap the last word you want to select, and you’ll see everything in between get selected.
    3. You’ll then get a menu of options like creating a highlight or a citation from that passage of text.

    OK, got it!

    Cited passage

    Style
    Citations are available only to our active members.
    Buy instant access to cite pages or passages in MLA, APA and Chicago citation styles.

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn, 1992, p. 25).

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn 25)

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences."1

    1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

    Cited passage

    Thanks for trying Questia!

    Please continue trying out our research tools, but please note, full functionality is available only to our active members.

    Your work will be lost once you leave this Web page.

    Buy instant access to save your work.

    Already a member? Log in now.

    Oops!

    An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.