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Grant Deed Property

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Jul 29, 2007
Here is an interesting scenario.
Owner of the home Mr. X grant deeds his property over to Mr. Y.
Mortgage on property is still in Mr. Xs name. Mr. X stops making payments and leaves town. Mr. Y has his name on title of property. Bank comes along and forecloses on property.


1. Since Mr. Y is legally the 'owner' of the property can he contest this foreclosure action by the bank since the mortgage is not in his name ?

2. Can Mr. Y renegotiate the mortgage with the bank since he is living in and has title to the property ?

3. Is it even possible for Mr. X to grant deed property over to Mr. Y since the mortgage is still in Mr. Xs name ?

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Oct 30, 2007
Arlington, TX
Just read this while browsing for more info on tax stuff

In all reality it would invoke the due on sale clause. Mr Y may be on the title but Mr X is still responsible for the loan. The scenario you are describing is buying "subject to" the existing mortgage. If Mr Y were to be making payments as a property manager the bank would in all likelyhood never know that the property has changed hands. If anybody stops making payments it will still be the responsibility of Mr X, hence ruining his credit. The bank would still have to go through foreclosure.

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