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Posted: Sat Oct 31, 2009 9:36 am Post subject: Mortage transfer

My land wants to get rid of her mortage by tranferring it to me, is that possible? She has been paying interest only at a fixed rate.

raymond · Posted: Sat Oct 31, 2009 9:49 am Post subject:

It's possible, if the Lender agrees. Is your landlord's mortgage assumable? Call her Lender and ask if there's a way for you to assume it. If not, you'll need to purchase the property from her.

manoj_gopale · Joined: 16 Feb 2009 Posts: 488 0.00 Dollars($)

Even if you want to purchase the property,you need to go for mortgage.So it is in best interest for you to assume the mortgage instead of purchasing from your landlord.Because it will save transaction cost associated with purchase.At the same time ask your lord to quitclaim the property on your name.

keep in touch......

raymond · Posted: Sat Oct 31, 2009 10:59 am Post subject:

>>At the same time ask your lord to quitclaim the property on your name.

Now why would she want to do that? It doesn't help with the objective of getting rid of the mortgage. In fact, it'd put the Landlord in a terrible position. She'd be making mortgage payments on a house she doesn't own.

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Mortage transfer