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post #1 of 11 Old 01-02-2005, 10:21 PM Thread Starter
 
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Question about homes and mortgages...

ok so this deal has come up where i have an opportunity to move into a house i would never be able to afford outright while this person in there now moves into my house.

they owe 90K and i owe 60K yet... they wana my payment and i can do theres with ease, is there a way that anyone knows of to legally swap houses and names on the deeds or martgages without having to reapply for the loans and go thru all the closing costs and everything ???

this person wants no extra for the house, it is worth near 200K where as mine is about 100K... its my girlfriends mom that wants to do this with myself and my girl, she said just pay off what is owed and the house is ours... ? any suggestions or advice ???

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post #2 of 11 Old 01-02-2005, 11:03 PM
 
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Re: Question about homes and mortgages...

I don't think you could do this. Also given that you said gf and HER mom anything that is not completely legal and binding could be dangerous if you broke up Just some thoughts.

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post #3 of 11 Old 01-02-2005, 11:04 PM
 
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Re: Question about homes and mortgages...

Get. A. Lawyer.

And watch out for unexpected tax consequences.


what else---------beware of future mothers in law bearing gifts? 'Cause you better be sure she's the one, or YOUR equity is in jeopardy.

But all that said,

It could be very easily done/
Just put some bleachers out in the sun /
and do it out on highway 61.

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post #4 of 11 Old 01-02-2005, 11:11 PM
 
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Re: Question about homes and mortgages...

The only way it can be legally done is to find out if both mortgages are assumable, by asking the mortgage companies. If so, you still go through an application process, but it is less intense, and the closing costs are minimal. You must also both sign a Quit Claim Deed to give the properties over to the other individual.
If you do not do this, you will get screwed. Do not take anyone's word for it, especially family - or pseudo family.
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post #5 of 11 Old 01-02-2005, 11:36 PM
 
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Re: Question about homes and mortgages...

I am not saying to do any of this but if I were you I would look into:

There are ways that people pick up foreclosures by having the current owner sign away the house to the new buyer. The new owner holds a contract to buy on the house. The new owner continues to make the payments in the old owners name. The mortgage companys sometimes hold a clause in the paperwork "if the house is sold they get paid off" Dont notify the mortgage company....but on the other hand...
Most mortgage companies would rather make the interest off the deal than be paid off...but the clause is there to protect them from the new owner trashing the house and skipping on the payments. The mortgage company may be interested in moving the loan into your name.

Sometimes contact can be initiated with" Current owner of blah house I am interested in is sick and is about to lose their job...I approached them about taking over the mortgage before they squat on the house for 3 months during an eviction and the house must be prepped to sell..2 more months plus the time it takes to sell.. and they might not finance back with your institution...

As far as taxes....look into a "1031 exchange"

If you are really interested I can sell you all the foreclosure..flipping properties.. and how to buy a house books. I dont really need them anymore.
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post #6 of 11 Old 01-02-2005, 11:45 PM
 
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Re: Question about homes and mortgages...

Quote:
Originally Posted by BDA116
The only way it can be legally done is to find out if both mortgages are assumable, by asking the mortgage companies. If so, you still go through an application process, but it is less intense, and the closing costs are minimal. You must also both sign a Quit Claim Deed to give the properties over to the other individual.
If you do not do this, you will get screwed. Do not take anyone's word for it, especially family - or pseudo family.
From what I have heard a quit claim does not remove your liability on the merely your claim to the porperty.

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post #7 of 11 Old 01-02-2005, 11:50 PM
 
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Re: Question about homes and mortgages...

Once you are no longer on the mortgage, and you have signed a Quit Claim, you no longer have any claim or liability on the property.
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post #8 of 11 Old 01-03-2005, 4:40 AM Thread Starter
 
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Re: Question about homes and mortgages...

Quote:
Originally Posted by Tombstone
I am not saying to do any of this but if I were you I would look into:

There are ways that people pick up foreclosures by having the current owner sign away the house to the new buyer. The new owner holds a contract to buy on the house. The new owner continues to make the payments in the old owners name. The mortgage companys sometimes hold a clause in the paperwork "if the house is sold they get paid off" Dont notify the mortgage company....but on the other hand...
Most mortgage companies would rather make the interest off the deal than be paid off...but the clause is there to protect them from the new owner trashing the house and skipping on the payments. The mortgage company may be interested in moving the loan into your name.

Sometimes contact can be initiated with" Current owner of blah house I am interested in is sick and is about to lose their job...I approached them about taking over the mortgage before they squat on the house for 3 months during an eviction and the house must be prepped to sell..2 more months plus the time it takes to sell.. and they might not finance back with your institution...

As far as taxes....look into a "1031 exchange"

If you are really interested I can sell you all the foreclosure..flipping properties.. and how to buy a house books. I dont really need them anymore.

the thing is though its not a foreclosure, she is making the payments up to date now but doesnt want to be stretched dollar wise as far as she is now... both her mortgage and mine are 100% up to date.

I don't kill flies but I like to mess with their minds. I hold them above globes. They freak out and yell, 'Whoa, I'm way too high!'
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post #9 of 11 Old 01-03-2005, 8:47 AM
 
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Re: Question about homes and mortgages...

Have you ever heard the saying "Being to cute for your own good"? I would do the deal straight up or not at all. Both get new loans and have two sale purchases. You can always hear of the scheme that works but seldom the crash and burn, however the crash is more frequent. Sound like this deal is full of potential danger along with the benefit.

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post #10 of 11 Old 01-03-2005, 1:46 PM
 
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Re: Question about homes and mortgages...

Quote:
Originally Posted by stopsign
the thing is though its not a foreclosure, she is making the payments up to date now but doesnt want to be stretched dollar wise as far as she is now... both her mortgage and mine are 100% up to date.
Again I am not advising you on what to do but If it was me...
With the right approach the mortgage co will be more inclined to let you assume the mortgage on the other house. I am not saying to throw the house down the foreclosre route.....just perhaps mention to the mortgage co that the owner has hit hard times and you are willing to step in before it turns ugly.


Also in the foreclosure books they mention different ways of aquiring a property. One of them is simply holding a contract to sell. You continue to make her mortgage payments and never tell the mortgage co. All these are ideas that are mentioned in the foreclosure books.
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post #11 of 11 Old 01-03-2005, 1:50 PM
 
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Re: Question about homes and mortgages...

CBVFR had it right. Get a real estate oriented contract lawyer, and let him/her work out the details.




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