Legal Question in Real Estate Law in Florida

I am wanting to know if I can sign my mortgage over to my mom? I have tried refinancing, but the town home is worth 110k and I owe 123k. I have tried to refinance, but I have too much in student loans and did not make enough money last year to qualify. How can I get out of my mortgage? I don't want it anymore, I just can't afford it. My mortgage is owned by Cenular which is owned by Fannie Mae. What do you recommend? I live in Florida.

Asked on 4/27/10, 12:45 pm

2 Answers from Attorneys

David Labovitz Labovitz Law Firm, P.A.

Hi.. There really isn't any way for you to get out of your mortgage. You could try to sell the property and have the lender agree to a short sale or you might consider walking away from the property and letting the lender foreclose, but you can't just sign over your mortgage to someone else.

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Answered on 5/02/10, 5:04 pm
Lesly Longa Longa Law P.A.

It's complicated, but I think you should try selling it or let the property go into foreclosure. A loan modification may be an option depending on your income and expenses. Consult with an attorney before doing anything, so that you know what all of your options are. Regards,

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Answered on 5/04/10, 2:12 pm

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