Home Buying in 92653>Question Details

Daniel Counts, Home Buyer in Wrightwood, CA

Can i take over one's payments on a home?

Asked by Daniel Counts, Wrightwood, CA Wed Jan 30, 2013

I cannot qualify right now due to credit, due to issue with primary residence purchase in 2006. My income is very high, same job since 1999. Based on what I have read here, it sounds like one could deed their home to me, I start making payments, they are still on the hook until my credit is good enough to either assume the loan or get a new loan. Is this right? Now i just need to find someone interested where this would be a win-win.

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If you had an issue in 2006 you should be able to qualify. You might be pleasantly surprised what a direct lender can offer since we are the decision maker.

We have a new program for those who had foreclosure, short sale or BK over 12 months ago.

Contact me and I'll be happy to discuss.
0 votes Thank Flag Link Mon Oct 14, 2013
If you had an issue in 2006 you should be able to qualify. You might be pleasantly surprised what a direct lender can offer since we are the decision maker.

We have a new program for those who had foreclosure, short sale or BK over 12 months ago.

Contact me and I'll be happy to discuss.
0 votes Thank Flag Link Mon Oct 14, 2013
Hi Daniel,
i read your post, there are many lenders and programs BUT the questions is "issue with your primary residence" i guess foreclosure, short sale??. if so, there no lenders under Fannie or Freddie guidelines that will lend within three years of foreclosure or short sale form posting date.

Now, answer to your question, yes it is call assumption loan (is like getting approved for a regular loan and you can take over payments).
If your situation is the first one above, your only option to be added to the title of the property make payments for one year (vested interest on the property) and refinance (by doing that you can get all possible equity on the property).
The subject is very good. i love to talk about it and you need the right guidance BUT there are a lot of questions to your answer.

Please contact me,

Libardo Quintero
nmls 380933

LQUINTERO@KINECTA.ORG
http://www.kinecta.org/lquintero

949.861.0367
0 votes Thank Flag Link Wed Jan 30, 2013
Unless it is a VA or FHA loan it is probably not assumable and so there is what is called a Due On Sale Clause in the loan papers that says if the property is sold the loan is due in full. If you do what you say and remove and add names to a deed the lender can correctly view that as a sale and escalate the loan making you come up with the full amount or they will start foreclosure proceedings. You would be unable to obtain a loan and would lose the house unless you found some cash to pay off the loan in full. I would not assume they will not find out, many records are online and easy to check.
0 votes Thank Flag Link Wed Jan 30, 2013
Probably the only way to do this is through a Land Contract. In this, the owner retains title but is CONTRACTED to sell to you under certain terms. You pay him, he pays the bank. This is not a perfect way to do things and you will need the issues explained to you by an attorney.
0 votes Thank Flag Link Wed Jan 30, 2013
Assume the loan...No. But a new loan...Yes. But it will take time for uour credit and a good pro-active lender. I have a referal. Rent or lease until you can qualify to buy. Then find your dream home. I can help when you're ready.
0 votes Thank Flag Link Wed Jan 30, 2013
Most often you will not be able to assume the loan - in today's scenario. I would be very careful with doing this and typically recommend you look into improving your credit to purchase a home at a later time.
0 votes Thank Flag Link Wed Jan 30, 2013
It depends on the current owner's Mortgage. Some mortgages are not assumable which means "taking over" payments is considered default. Many mortgage companies are open to this arrangement even if the loan note has this restriction you just need to get it approved first. Be sure to have a purchase agreement executed by both parties and a "Seller Financing" addendum included to protect yourself and the seller.
0 votes Thank Flag Link Wed Jan 30, 2013
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