Can a VA mortgage loan be transferred?
Question Details: My neighbor wants to transfer his loan to us without strings. He doesn't want anything in return; he just wants to transfer it to us. What needs to be done and how expensive is it?
The question will be answered by the mortgage paperwork: a mortgage may be assigned (transferred) unless there is some clause or provision or term in the mortgage which states it cannot be. Most mortgages have provisions which disallow transfer, so I would be surprised if this mortgage does not have such a restriction, but review your neighbor's mortgage paperwork to be sure. If it can be transferred, it can likely be done for a few hundred dollars of legal fees (to make sure everything is done right), unless the mortgage itself requires some fee(s) for such a transfer--which is another reason to check what the mortgage says.