Don't Give Up Control Of Your Property

Don't give up control of your property! This point is so important we are going to repeat it -

Don’t give up control of your property.

Unless the proposal you are considering includes the buyer formally assuming your loan (most mortgage loans are not assumable) or paying your loan off, Don’t Do it! If you deed your property to someone else, you effectively and legally give up control of the property.

If your loan is not paid off or formally assumed and you deed your property to someone, not only do you give up control but you are still fully liable for the mortgage. If the person to whom you deed the property defaults on the mortgage, the credit damage is yours.

If your circumstances are such that you feel you need to deed your property to someone just to end the stress, have an attorney review the documents; including the deed. You need to fully understand what legal rights and obligations are created by the contract used to outline the transfer of ownership.