Need A Home,
Much like Ted mentioned, the "due on sale" clause is going to be a problem. These days you just can't transfer the responsibility from one party to another. Even if the loan is assumable, you would still need to qualify for the loan.
Basically the answer to your question is "don't."
If you're unable to be qualified for a loan and that's why you're looking at this as a viable option, the problem is that you would still need to qualify with the lender that holds the current loan. If you can't qualify with them, you can't just take over the loan payments.
I suggest you speak with a qualified local lender about getting pre-approval and if they can't, most reputable lenders will then suggest some steps you take that can help get you to a point where they'd be able to pre-approve you.
Hope that helps.
Matt Stigliano, Realtor®
RE/MAX Access
(210) 646-HOME
http://www.RErockstar.com
"Your all access pass to San Antonio real estate."
- Wed Dec 16 2009, 12:53
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