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Tracybears, Home Buyer in Los Angeles, CA

I am willing to take over payments for a home located in west Los Angeles area.

Asked by Tracybears, Los Angeles, CA Tue Apr 10, 2012

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12
What kind of home you looking for?

Whats your budget?


Please feel free to call me 424-777-9377 - i'll be happy to help you out.




Thank you for your time.


Should you have any questions - please feel free to call me Toll Free: 1-855-TRUST-55 (1-855-878-7855) ext. 777.



Sergey Fednov

President - Realtor®
- Trust Sale Realty -

Residential & Commercial Real Estate
_______________________________
Toll Free: 1-855-TRUST-55
Toll Free: 1-855-878-7855
Phone: 424-777-9377
Fax: 310-356-4925 http://www.TrustSale.com http://www.TrustSaleRealty.com
Lic# 01896869
7 votes Thank Flag Link Tue Apr 10, 2012
Get an attorney's advice as this approach carries higher risk.
1 vote Thank Flag Link Tue Apr 10, 2012
More info:

"In real estate investing, the due-on-sale clause can be an impediment for a property owner who wishes to sell the property and have the buyer take over an existing loan rather than paying the loan off as part of the sale. Likewise, a due-on-sale clause would interfere with a seller's extension of financing to a buyer by using a wraparound mortgage, also called an "all-inclusive mortgage" or "all-inclusive deed of trust." Either of these arrangements triggers the due-on-sale clause in the seller's existing mortgage and thus the lender may call the loan due. If a property with a due-on-sale clause in the mortgage loan is transferred and the loan is not paid off, the bank could foreclose on the property.'

'Virtually all mortgage loans made in the United States by institiutional lenders in recent years contain a due-on-sale clause. This is in contrast to the wide availability of assumable mortgages in the past. Until 1982, the enforceability of due-on-sale provisions was basically a matter of state, not federal, law. Many States had adopted laws that permitted existing loans to be assumed by buyers whether or not the lender was willing to agree. The logic behind these laws was generally that a lender should only be permitted to call a loan due when the property securing the loan is sold if the lender could demnonstrate that the sale and transfer of the property reduced the lender's security or increased the risk that the loan would go into default.

However, in 1982 Congress passed the by the Garn–St. Germain Depository Institutions Act. Section 341a of the Act (codified in Title 12, U.S. Code, Section 1701j-3) makes the enforceability of due-on-sale provisions a federal issue, and provides that if real estate loan documents contain a due-on-sale provision, that provision is enforceable if the property securing the loan is transferred without the lender's consent. Institutional lenders lobbied Congress heavily to add Section 341a of the Act to federal law and their lobbying efforts were successful.

Lenders are generally not required to include due-on-sale provisions in loans, but it is nearly universal practice for institutional lenders to include them. For loans by private lenders, such as financing extended to buyers by sellers, due-on-sale provisions are not always included. Also, a buyer and seller could negotiate to include due-on-sale clause that allows a one-time loan assumption.

There are certain exceptions to enforceability of due-on-sale clauses. These are generally contained in Title 12, Code of Federal Regulations, Section 551. For example, borrowers may place their homes in their own trust without triggering the due-on-sale clause. "A lender may not exercise its option pursuant to a due-on-sale clause upon a transfer into an inter vivos trust in which the borrower is and remains a beneficiary and which does not relate to a transfer of rights of occupancy in the property." (12 U.S.C. 1701j-3(d)(8)..[5].) Note that a beneficiary means possibly among multiple beneficiaries. Similarly, transfer of the borrower's home to a spouse as part of a divorce or dissolution of marriage generally does not trigger a due-on-sale clause. There are other exemptions in the law as well. Use trusts also facilitates transfers of property to heirs and minors. It may also protect the property of wealthy or risky owners against the possibility of future lawsuits or creditors, because the trust owns the property, not the individuals at risk."

Key Words:

take over payments
Loan Assumption
Trusts
Lease Option
rent to own
property securing the loan is transferred without the lender's consent.
'take over payments' MAY BE the same as 'transferred without lender's consent'

Contarct your Real Estate Attorny.

Very Thin Ice here.
0 votes Thank Flag Link Mon Apr 23, 2012
WOW advertising potential loan fraud.

Is that really something you want to do??

You are walking on very very thin ice here.

Now I do admit I am not an attorney, and You really should talk to an attorney about taking over some one else’s loan payments, but Here is my OPNION, and it is ONLY MY OPNION.

When an individual BUYs a home, and has a mortgage, they have qualified to for that mortgage on THEIR income and have pledged that house as collateral for that mortgage. That individual(s) are responsible for mortgage payments. It is a binding contract.

Now part of that mortgage in or around Paragraph 14 is something called Clause 14, or the Due-on-sale clause. This clause means once the home has been sold, that mortgage must be paid in full.

In short:
That individual who signed for the loan / mortgage must make the payments. By YOU taking over the payments, you become responsible for the payments. But you did not qualify for the loan.

The transfer of loan payments from one who qualified for that mortgage payment to someone who did not qualify that mortgage payment, that home was sold and the loan is Due-in-full.

Now most loans are no longer assumable, and defiantly None Quailing Assumable loans are not available, so to have that someone take over the payments, in my opinion, is border line Loan Fraud.

Where are ppl getting these ideas?

Contact an attorney would be my advice.

One more thing, How long does thin ice last in West LA ?

and stop going to all those RE easy money seminars.
0 votes Thank Flag Link Sun Apr 22, 2012
What do you mean? Have you already identified a homeowner that will allow you to do that, or are you asking us agents to find you a homeowner that would let you come in and take over the payments. If so... who is going to compensate us for doing the work in connecting you two? A lot goes into something like this... the big question is why would you want to take over someone elses high interest, over leveraged payment... even renting would probably save you more money. What is the catch...?
0 votes Thank Flag Link Tue Apr 17, 2012
Willing to take over payments for a specific home or are you looking for a home in West Los Angeles in which the current home owner would allow you to take over the payments?
0 votes Thank Flag Link Fri Apr 13, 2012
Ok are you actively looking?
0 votes Thank Flag Link Fri Apr 13, 2012
Who's home is this ? please get advise by a real estate attorney before signing anything ,will save you grief..
0 votes Thank Flag Link Wed Apr 11, 2012
Are you looking for an investment property or a house for yourself? if you have any questions please feel free to call me at 818-974-8286
0 votes Thank Flag Link Wed Apr 11, 2012
Would you like to take over my payments too, so long as your feeling generous & all?
0 votes Thank Flag Link Tue Apr 10, 2012
That's great! .
0 votes Thank Flag Link Tue Apr 10, 2012
What is your question? Do you have a home in mind and a deal worked out or are you looking for a home with the option to take over payments, or do lease option?
0 votes Thank Flag Link Tue Apr 10, 2012
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