Q: Are my parents able to transfer ownership to me if ive been paying the mortgage?
A:
Maybe. If they are both of sound mind and can form the required intent to give or sell you the property, they could do so. However, if the property is encumbered by a mortgage on which your parents are the mortgagors, such a gift or sale would almost certainly breach the "due on sale or transfer" clause of the mortgage. This would mean that the mortgage lender could declare the loan in default and foreclose its lien on the property, if your parents transfer the property to you. If you can't borrow enough to replace their mortgage, maybe they would co-sign a new loan with which so you could buy it. If you've made the payments for a while, perhaps this will show potential lenders that you can service the debt and are credit worthy. Good luck.
PS: My comments here are for general information only and are not legal advice about your specific situation. Contact an attorney in your area for such advice after full inquiry into the factual background and possible problems. My comments here also do not establish an attorney-client relationship between us.
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