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Taking Over Mortgage Payments

Posted on: Tue, 06/12/2012 - 17:41
Taking Over Mortgage Payments

A home owner is having problems paying mort and is in the process of a short sale. Is there a way to take over the payments and home so I can turn around and rent it out.

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Doug Gregory

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Posted on: Wed, 06/13/2012 - 02:36 #1
Good question! I have

Good question! I have something similar, and taking over the payments would be a VERY neat and tidy solution... NOW, How to accomplish this?


Posted on: Wed, 06/13/2012 - 03:20 #2
Take over payments

Many mortgage companies have a "Due on sale " clause in the mortgage so assuming the mortgage payment is not possible. However you can do a "subject to the existing mortgage" where you pay the mortgage payments but the mortgage remains in the owners name, title gets transferred to you and you get listed n the home owners policy.

To do this you must...
See how much the owner is behind on payments, you will have to catch them up and then continue paying the payments.

If they are in the process of a short sale then apparently there is a buyer lined up for the property so you will have to have the owner stop the short sale process if possible.

What you are asking is done all the time in the REI world but you have to make sure you are familiar with the "subject to" strategy before you jump in.

Good luck!

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Posted on: Wed, 06/13/2012 - 10:37 #3
Subject to: explanation post

Found this post about "subject to" option. http://www.deangraziosi.com/node/10010
This would be a great way for me to get into a home myself.

Thanks Carol

__________________

Doug Gregory

"it's only an island if you look at it from the water"
Chief Brody "JAWS"


Posted on: Wed, 06/13/2012 - 14:08 #4
A good book to read on this is

Wendy Pattons, Lease options and Subject to's. She explains the difference and all that is involved and walks you through the process. It is not for everyone. Tammy

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