Is there a way to move a mortgage from one property to another if all owners can not sign?
Full Question:
Answer:
Typically, unless the mortgage contract states you can transfer
the mortgage to another property, you can't transfer it. The most common
way of removing someone's name from a mortgage is by refinancing the
property. It is a matter of contract law, rather than state statute.
A spreader agreement is often an agreement to spread the lien of a
mortgage on a portion of certain described premises to cover the entire
premises (but the amount of the debt remains the same). The owner and
mortgage company may also enter into a spreader agreement in which the
owner grants the mortgage company a security interest in his home in
exchange for some consideration, perhaps additional cash or a reduction
in the principal owed on the first mortgage. Whether the mortgage can
be transferred or consolidated with a mortgage on another property will
depend on the terms of the contracts involved and the policies of the
mortgage holder. Typically, all parties to a contract must agree to a
modification, but the mortgage holder's policies will govern.