Whats term is used to transfer a mortgage to another person?

I can't pay my mortgage Jan 1st. I never been late on a payment. There is a married couple that I know, that want to take over the monthly payments and move in Jan 1st. Whats the term called? Is there any money involved? Or, should I just let them move in (like renters) and document my move-out, with their move-in on paper?Whats term is used to transfer a mortgage to another person?
They can't just assume your current mortgage. They will have to purchace the property or sign a rental agreement.Whats term is used to transfer a mortgage to another person?
Since your lender basically owns the house until it is paid for, you need to read the terms of the buyer's agreement from your mortage company. Some lenders forbid the property to be transfered or the house rented or leased. Call and ask the mortgage company first before you do this.
Try to execute sub-mortgage
They can't, that is why you don't know the terms.





YOU CANNOT GET A DEED OF ASSUMPTION. Mortgage companies DO NOT allow for that.





';Taking over payments'; on a mortgage went out almost with lead paint. It's just not done anymore and the banks won't allow it.





They have to credit qualify, and buy outright, just like anyone else.





If you let them move in, then you are still on the hook for the mortgage, taxes, everything...they don't own the property, they are just renters.





DO NOT put them on the title and leave the mortgage in your name...if you do that, then you have just bought someone a house for free.
Try either FORFEITURE or BANK CLOSURE . . .
You cannot transfer a mortgage to another person without the approval of the lender. Are you thinking of a quitclaim deed. A quitclaim deed transfers ownership. I don't think you want to transfer ownership of the house while you are still on the hook for the mortgage. If it cashflows, can you rent it to someone and generate enough cash to pay the mortgage or at least come close? Remember, you can still write off maintenance expenses as a landlord, plus mortgage interest, taxes and depreciation expense. But, if the numbers don't work they don't work. Just a thought. Good luck!
its called an assumption you have to contact a title agency or settlement aggencie and have them right up a DEED OF ASSUMPTION, good luck