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by Anonymous on November 13th, 2006

Anonymous

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My Mom, in her70's, owns a co-op with a small mortgage left on it. She is divorced from my Dad and lives alone. Can she sign the property over to me but keep the mortgage as is?

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  • by Anonymous on November 16th, 2006

    Anonymous

    I'm not 100%, but look into a Quit Claim deed. This may accomplish your needs.

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  • by poseypat on November 16th, 2006

    poseypat

    Most mortgages have a "DUE ON SALE" clause so that if the transfer is made, the mortgagee could call the lien immediately. In addition, owning a co-op is not like owning other real estate.

    When buying a co-op, which is short for co-operative housing project, you become a shareholder in a corporation that owns the building and you carry a leasehold interest in your unit.

    You would need to talk to the co-op board to see if this transfer can be made.

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