Home Buying in Miami Beach>Question Details

Andre, Home Buyer in New York, NY

can you take over someones mortgage payment and become the owner of the property?

Asked by Andre, New York, NY Sat Mar 7, 2009

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3
Andre,
Karen is Correct yo can only take over the mortgage and ownership IF the current owners and lender has an assumable loan (these are not common here) or you can lease with option to purchase.

However as karen stated it would be best have this looked over and directed to a real estate attorney.

If you need further assistance please contact me at your convenience.

Jose Castillo
Coral Shores Realtt
954-240-3940 or josesellsfl@yahoo.com
Web Reference: http://www.josesellsfl.com
0 votes Thank Flag Link Sun Mar 8, 2009
Andre,

This is definitely an issue best referred to a real estate attorney for their input.
0 votes Thank Flag Link Sat Mar 7, 2009
You can, if the current mortgage lender lets you legally assume the mortgage. If you just start to pay their mortgage yourself and they sign a deed over to you or if you enter into a Lease Purchase contract, the current mortgage holder has the right to call in the entire principal balance due in full immediately.

I advise you to seek the advice of a real estate lawyer if you want to enter into a Rent-to-Own or Lease Purchase deal to make sure the contract is written to protect you.
0 votes Thank Flag Link Sat Mar 7, 2009
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