Q: My friend dad bought his house years ago, and his brother co-sign for him so the loan in his uncle name. Now that there
both getting up there in age how can they transfer the name on the loan to my friends?
A:
Disclaimer: The materials provided below are informational and should not be relied upon as legal advice.
If the existing loan is assignable, then they can approach the lender to transfer the title and the loan to your friend. Otherwise, your friend will need to go through a transaction where your friend takes out a new loan, the existing loan is paid off and your friend receives title to the property. Be sure to consult your own attorney to protect your legal rights.
A: The very best thing for them would be to form a trust to hold the property and then transfer the property through the trust to your friend at the time of their passing.
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