All Forum Posts by: Mike Nowicki

The attorney you used for your closing should be able to help you transfer title using a Quit Claim deed.  You definitely want to check with your lender to see if there is an acceleration clause for your mortgage (there probably is).  If there is they can call your loan due once the title changes owners even though you and your partners are still making the payments.  Its possible that they wouldn't find out, but if they found out 3 years down the road they could call it due and you would go from a 4% rate to possibly a 6% rate if you had to get new financing.

I am going through this same process right now and my mortgage has an acceleration clause so trying to figure out how to work around that.  ANY RECOMMENDATIONS?