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I want to donate a property with a mortgage to a charity, How do i do this and not have financial responsibility?
Asked on September 27, 2016 under Real Estate Law, Minnesota
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 8 years ago | Contributor
You can't do this UNLESS the bank allows the charity to take over the existing mortgage (and the charity agrees to do this) or the charity pays off the mortgage (such as by taking out a new mortgage in its name to pay the old one). Your obligation to the bank/lender to pay the mortgage is contractual and you can't escape it by giving the property to someone else, even a charity.
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