Can I Sign My House Over To A Friend?


Q: My friend would like to buy my house and I’m wondering if there was a better way then going through all the paper work, maybe a quit claim deed? I do have a mortage on my house and just basically want to get out of it free and clear so I can purchase another house. How can I get out of my house fast and not be responsible for the house and save my credit?

A: Your bank may allow your friends to take over the loan over if they qualify. Talk this over with your lender/bank. In some cases the bank does not care who pays as long as payments are made. Than you can be free of all obligations and your credit will not be affected.
George Szkup is a Realtor®  in Tucson, AZ.

A: I’m afraid it’s not quite that simple. First, assigning your loan to another party without the approval of your lender can be construed as fraud and both parties could end up with your home in foreclosure and your credit ruined.

Your first move, in my opinion, would be to contact your lender and determine if your loan is assumable. If it is, fine you can proceed. If it is not, your friend would need to seek financing through another source. I recommend that you use a Realtor to handle the transaction through escrow for you. The paperwork you seek to avoid is a necessary evil that will serve to keep your transaction legal and everyone involved safe from litigation. A Realtor may even do this for a flat fee since there is no marketing or other expenses involved.

I highly recommend that you don’t try and cut corners when a substantial amount of money is involved.

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  1. TXhomeowner says:

    bought a house in TX with my xfiance only two weeks ago, not getting married. … HELP how do we go about having the loan and deed soly in my name.. I was approved on my own.. he was cosigner… also what is the time frame

    • Lee Dworshak says:

      In Texas you can use quit claim deed form.  The Texas quit deed, is a real property deed which transfers (conveys) only that interest in the property in which the grantor has title.  Note that Texas quit claim deeds do not guarantee good title to the property. 

      A local Escrow Company should be able to help you with the process for a nominal fee.

  2. Andrewj29 says:

    Are there any first-time home buyer assistance programs for retired people?

  3. Talkcityandrewj says:

    I have the cash to buy a home, but I would like to take advantage of one of the first-time home buyer assistance programs that other people can take advantage of.
    Is it possible that I can set up the necessary financing, receive the free down payment/closing cost grant for the purchase transaction, then pay off the loan shortly after closing?
    I see it as a win/win situation for me and all mortgage-related parties involved.

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