Can't Sell House Fast Enough?

What happens when you transfer property while you still have a loan on that property?

QUESTION: Steven is facing a job transfer and will have two months to sell his house if he’s hired.  If it doesn’t sell in two months, what can he do with his house?

ANSWER: First of all, do not do a deed of trust.  If you transfer your property to someone else’s name, you will still be responsible for the mortgage.  And, when the mortgage company finds out that you’ve transferred the title of ownership without them qualifying the buyer, they will call the loan due in full that day.  You will be foreclosed on. This information is stated in your deed of trust.

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