Selling House

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I'm selling my house in Florida to my friend, but he doesnt quaify for the loan, is there any way I can sell to him by transfering the title?, but I still have my mortgage payment.

gmakerley · Posted: Tue Nov 03, 2009 8:01 pm Post subject:

freddie, if you sell the house to your friend, who is not qualified for a loan, and you keep the mortgage currently on your home (presumably to be paid by him), where does that leave you? you would have a few dollars, i presume - his down payment - but what happens when he fails to make payments on the home you no longer own?

guess who's going to be the recipient of a foreclosure notice because his mortgage isn't getting paid! that's right - freddie.

i don't know why you would want to go thtrough with such a deal.

alfy_20027 · Joined: 03 Nov 2009 Posts: 2 1.39 Dollars($)

Well is because I need to sell the house

jenkin7 · Posted: Tue Nov 03, 2009 10:01 pm Post subject:

Hi alfy,

I understand that you need to sell the house. But it does not mean you will have to sell the house through a deal that does you no good. If you wish to make your payments on the existing loan, why do you want to sell the house? Is it just to take your name off the title? If you remain responsible for the loan and you cannot make payments any more, have you thought what would happen to your credit? In case you are desperate to sell the house, why do you not look for a buyer who can afford the mortgage payments?

gmakerley · Posted: Wed Nov 04, 2009 11:27 am Post subject:

that last sentence that jenkin7 typed is sentient. you need to find a buyer who is qualified to be a buyer. it won't do you any good to sell a home to someone who is unqualified and, as noted earlier, potentially unable or unwilling to make your mortgage payments.

and, of course, selling your home while keeping your existing mortgage is not really selling, after all.

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