Can a Va mortgage loan be transferred?
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
Can a Va mortgage loan be transferred?
My neighbor wants to transfer his loan
to us without no strings he doesn’t want
nothing in return he just wants to
transfer it to us but we keep running into
problems what is needing to be done
and how is it expensive
Asked on August 1, 2017 under Real Estate Law, Texas
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 7 years ago | Contributor
The question will be answered by the mortgage paperwork: a mortgage may be assigned (transferred) unless there is some clause or provision or term in the mortgage which states it cannot be. Most mortgages have provisions which disallow transfer, so I would be surprised if this mortgage does not have such a restriction, but review your neighbor's mortgage paperwork to be sure. If it can be transferred, it can likely be done for a few hundred dollars of legal fees (to make sure everything is done right), unless the mortgage itself requires some fee(s) for such a transfer--which is another reason to check what the mortgage says.
IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.