My question involves a mortgage in the state of: Pennsylvania
I'd like to know if it's legal to modify a deed that is currently mortgaged by a single individual and alter it to read "Tenants in common, with right of survivorship" and convey 50% interest in the land to a non-family member for the consideration of "one dollar".
The mortgage liability currently exceeds the fair market value of the land by 50 to 75%. In other words it's under water.
Can this legally be done or does it have to be remortgaged?
If not what are the legal ramifications both civil and possibly criminal?
J.E. Schwenk

