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owner wants to sign quit claim deed, the loan is still under his name . as a new owner what are my rights

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rbgb1324 Joined: 27 Apr 2011 Posts: 1 1.33 Dollars($)	Posted: Wed Apr 27, 2011 12:22 am    Post subject: owner wants to sign quit claim deed, the loan is still under Like 0 Dislike 0 hi i need help on making a decision . the owner wants $10,000 cash ,house is worth 465,000$ only has made payments for 2years . the owner wants to sign quit claim deed ,and wants me to make his payments of the house while his name is still on the loan. Should i go for this deal.. i dont have good credit so its unlikely for me to get a loan even if i do the interest rate will be too hight. i m paying over $2300 rent for past 2yrs. the owner already has refinanced his payments which are 1730 $ inclusive all taxes. is this a good deal.
Guest	Posted: Wed Apr 27, 2011 9:22 am    Post subject: Like 0 Dislike 0 You need to be careful and have this reviewed by a RE attorney. There is a clause in most mortgages called Due On Sale or Alienation Clause, which if the lender finds out the property has changed title, they will call the entire loan due. See an attorney, as you will have alot invested in this. Your best bet is to do a lease option. Its a contract, in writing that in X amount of time, you have the option to purchase the house that you are now leasing. Good Luck

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