How can I donate a home I own with a mortgage owed on it?
Purchased 3 bd 2 ba home in california for $195,000. Made many upgrades to include new appliances and spa with covered patio and backyard fence. Need to ease my family’s financial burdens to pay off other debts and 2nds on other properties. The home has a $179,000 mortgage currently on it and located in a great neighborhood and wish I could financially afford it and hold on to it. It can rent between $750.00 and $875.00 easy. Great landscaping and recently remodeled. The property is within our family trust and would love to donate it to charity by quit claim deed if possible. How do I go about this if the property has a 1st mortgage on it ?
If you haven’t paid it off, then you don’t own it – the bank does.
Therefore, the bank would have to approve any transfer of title.
If you can find someone willing to take over the mortgage payments, talk to your bank about the process.
Or, a simpler way would be to sell the house for the amount of the mortgage payments left. The new buyers would get their own financing, wherever they choose, and you bank would get paid off at the time of the sale.
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