We have a property in Maryland, currently in my name, on a loan with a bank. Other than selling the property and having my relative buy it, is there a more cost-effective manner, in which the property can be transferred to my relative's name, so he/she can assume the remainder of the loan balance?
There are loans that are assumable to the next owner. Not all are. Will the relative have any credit issue making it difficult to get his own loan? Rates are at a low point, near record lows. Chances are, a new LAN would have a lower rate, and can be gotten at a reasonable cost. All that said, ask the bank. We don't know the terms of the current loan, nor the nature of the bank. If its a local bank that kept the loan on its books there's a better chance to do this than if it was sold into the CDO market.