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.
2 Answers from Attorneys
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.
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,