Johnny50: Your information is incorrect. There is not HUS letter. (I
assume you mean HUD--Housing and Urban Development--letter. There
isn't one of those, either.)
There are a couple of techniques for, as you put it, "signing your
home mortgage over to someone else." Most, though, will trigger the
"due on sale clause."
You can sell your house "subject to" the current mortgage.
Essentially, you allow someone else to make your mortgage payments.
Generally, in return, the investor will want you to deed your house
over to him. This violates lenders' "due on sale" clauses and--if they
find out and if they choose to do so--they can call your loan...making
the entire amount due immediately. Practically speaking, there are
ways to partially mask this...and some lenders may choose not to call
the loan due. But, if they find out and if they choose to, they can
call in the loan.
There's also a technique which may get around the due-on-sale clause,
but you have to know what you're doing. You create a land trust, then
move the property into the land trust, naming the investor/purchaser
as a second beneficiary of the trust. The investor/purchaser makes the
payments to the trustee; the real estate is now in the land trust and
classified as personal property. When you want to transfer the deed,
the property is brought out of the trust and sold to the investor.
(That's a gross oversimplification of how it works.)
Maybe a better question is: What is it exactly that you want to
accomplish? Rather than looking at techniques, what's the broader
picture? Tell us the scenario, and there probably are some ways to
accomplish what you're trying to do.