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Taking Over Mortgage |
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Question#1
IF I BUY A PROPERTY THAT IS FOR SALE BY THE OWNER, WILL THE MORTGAGE THAT I PAY TO THE OWNER JUST GO TOWARDS THE EXISTING OWNER SINCE I MAKE MY PAYMENT TO THEM. I JUST DON'T SEE HOW I WOULD BUILD EQUITY IN THE PROPERTY IF IT'S STILL UNDER THE SELLER'S NAME ON THE MORTGAGE. CAN YOU HELP ME OUT PLEASE???????
Question#2
IF A HOUSE IS PRICED AT 179K AND I HAVE A CREDIT SCORE OF ABOUT 590, WHAT WOULD YOU CALCULATE THE MONTHLY PAYMENT AT IF I WERE TO PUT DOWN ABOUT 6K???? |
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If the property is transferred to your name, the seller's lender is going to require the seller's mortgage to be paid off. I doubt very much if the lender would allow you to take it over.
If the property remains in the seller's name, you'd be a fool to start making the payments.
I can't tell just what's going on here, but I can tell you one thing: DON'T SIGN ANYTHING UNTIL YOU'VE SHOWN IT TO YOUR OWN LAWYER AND HAD IT EXPLAINED TO YOU. It sounds as if you are being offered something dangerous.
Question #2
With a credit score of 590, you're going to find it very hard to place any mortgage with a regular lender. If you're talking about a seller who will hold your mortgage, again, you should have your own lawyer advising you.
I know lawyers cost money, but you could end up in real trouble and losing your money. One other thing you could do is hire a real estate broker to negotiate for you, and often the seller will pay your broker in the end anyhow. You could talk with some agents and ask if they'd do that.
Take it easy, and get profesional advice before you sign anything or give anyone any money. |
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Edith
Originally published on January 24, 2008 |
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