Massapequa, NY asked in Real Estate Law for New York

Q: My daughter.was recently on the deed alone. Legally she is power of attorney. I'm still holding the mortgage alone. Ca

Can I transfer the mortgage to her

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1 Lawyer Answer
Carl Nelson
Carl Nelson

A: It would be helpful to clarify your terminology. First, I’m not clear what you mean by your daughter is a power of attorney? Who does she hold this power for? If she holds the deed and you hold the mortgage, I’m not clear what the relevance of the POA is.

Second, when you say you “hold the mortgage,” that would imply that you are the lender/lienholder, but I’m not sure this is what you meant to convey. The titleholder of a mortgages property is the mortgagor, who gives the mortgage to the lender, typically but not always a bank. The mortgage can be transferred to another lender along with the note, who can then enforce the terms of the note.

Again it would be helpful for you to clarify your question, as it is not totally clear what you are trying to accomplish. Of course, this forum is not a substitute for legal advice from an attorney where substantial legal or financial rights are involved.

Peter J. Weinman and Steven Warren Smollens agree with this answer

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