Can a entity whip over mortgage payments on a house going on for to be forclosed?
Answers:
I am completely knowledgable in real estate investing and know adjectives the tricks they talk about on those overdue night infomercials.
Legally this can be done if the loan is assumable, such as a VA loan. If it is assumable and depending on it's assumability, the lender might need to approve of it first.
If the loan is not assumable, you can also legitimately transfer property into a trust to disguise the owner (what the rich and famous do) and afterwards transfer the trust to the buyer.
As others mentioned, if the loan is not assumable, the lender can invoke the "due on sale" clause if the property is sold or transferred. The only mode the lender will learn of the sale or verbs is if the buyer records the deed.
Chances are, your buyer is trying to flip the property lacking using as little money possible out of his/her own pocket. You could also be a potential victim of something called "rental skimming". Whatever the armour, be careful on anything that will relinquish your rights to the property while you're still responsible for its financing.
Feel free to e-mail me the specifics and I can see what game he/she is playing and what to keep watch on out for. I'm guessing you can stay in the house and pay him/her a low rent. right? ;)
Regards Source(s): CA Licensed Real Estate Broker
The bull rooster is correct to a point. And here comes the legalisms. If you merely cart over another's mortgage payments without proper paperwork, you are not entitled to any interest deduction for your income tax, since you are not legally obligated to brand the payments. The mortgage holders are the ones obligated. Same goes for the property taxes if you don't manage to draw from the deed/title into your name.
Do you want title insurance in your dub? If you're content without title insurance, you can get away beside it. If you insist on title insurance, you won't find a firm which will issue title insurance under such an arrangement. It can be done, but you need to sort sure you catch all the legalisms if you want it to work out properly for yourself.
yes you can but you have to cure the dept.you must consult a real estate attorney to be risk-free. Source(s): the real world
The guard won't care who is paying the mortgage as long as they get their money. The problem is that the "other" party won't be able to deduct the interest bad their taxes since that loan is not their obligation. Furthermore you can't take the write-off any, because you are not paying it. Source(s): I'm a Realtor and Professional Engineer. I am constantly taking training, seminars, classes, and all sorts of training. A top Real Estate Attorney was going over that very scenario concluding week. Check out me website for more information. www.StaffordHomeTeam.com
Well, you are gonna probably get some guys with endorsed leanings telling you no, but the real answer is yes, sorta. You see the current owner can action their interest in the property over to you (if sell you the house - assuming they own it entirely) but this will be subsequent to the mortgage.
Put another approach, they can sell you the house but the mortgage still has to be taken thoroughness of. Now the mortgage will have a "due on sale" clause in it proverb it has to be paid surrounded by full if the property is sold. However, if you just made up any back payments and kept paying the mortgage, the edge may actually not even notice that the property be sold (this sounds dumb, but I've seen it written up in a valid esate investment book - as in another real estate innvestor be describing how he would do this). Theoretically you could just pay the mortgage until it be paid off.
So, you can own the house deeded over to you. THe mortgage would then be due (to be paid stale in full) but if you just kept paying the ridge they might not notice and therefore you could essentially pilfer over the mortgage payments.
Note that is this above scenario, the mortgage is still in the prior owners cross so if you stopped paying the mortgage the bank would still foreclose on the house and take it stern, but though you would lose the house your credit would not be hurt, the former owners credit would be hurt since the mortgage was with them.
I am not advise you do this, but it is workable. Of course if the bank did notice the shift in owner they would then constraint the mortgage be paid off, so this can be risky too.
get yourself a obedient real estate attorney,you can take over the payments,but receive sure that there are no other liens against house,or that the house is under different peoples name.
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