People also ask
Can I transfer a personal loan to another person?
A: Personal loans cannot be transferred to another person, because these loans are determined based on your unique credit score and your list of available sources of income.
Can a mortgage be transferred to another borrower?
Mortgages and car loans are unlike other types of personal loans in that they can be transferred. However, they can only be transferred to another borrower under certain circumstances. For one thing, the new borrower must be able to qualify for the loan.
Can I take out a loan in someone else鈥檚 name?
No, in general, you cannot take out a loan in someone else鈥檚 name. Doing this is fraud. Instead, you could cosign a loan with the other person. In certain cases, you may have a power of attorney for another person and can sign legal documents for them. Compare Auto Refinance Loans in Minutes Get Started Share Article Compare Auto Loan Offers
Can you transfer names on a mortgage loan?
In most cases, transferring names on the mortgage loan requires lender approval. Many circumstances exist when someone needs to assume a mortgage. The most common is children taking over the mortgage from aging or deceased parents. Another common scenario is when a financially distressed homeowner needs to sell the home.