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Taking over payments of a note.

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bubba Joined: 10 Nov 2010 Posts: 1 1.31 Dollars($)	Posted: Wed Nov 10, 2010 1:19 pm    Post subject: Taking over payments of a note. Like 0 Dislike 0 I was told of an alternative way of getting in to a house with no credit. Basically the buyer uses the credit of the seller. The Buyer basically takes over the payments of the existing note, pay the seller an agreed upon cash amount if any and then the seller transfers the deed into the buyers name. Later if/when possible, the buyers will try to get approved for a loan and pay of the existing note. Is this a possiblity? I live in TX.
smithsussane Joined: 18 Sep 2008 Posts: 10439 Location: Alaska 985.83 Dollars($)	Posted: Wed Nov 10, 2010 11:15 pm    Post subject: Like 0 Dislike 0 Hi bubba! Welcome to forums! I guess you're speaking about the lease to purchase option. You will be leasing or renting the property with an option to buy it within few years. You can go with this option but you should sign legal agreement with the seller mentioning the terms and conditions of the contract. Feel free to ask if you've further queries. Sussane

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