Home Buying in Dallas>Question Details

Joel, Home Seller in Mississippi

how do i find an title company or attonany that is open to me buying with creative finance, such as taking over the sellers loan payments?

Asked by Joel, Mississippi Fri Aug 10, 2012

Help the community by answering this question:


Either the loan is assumable or it is not. There are other ways to purchase it.
0 votes Thank Flag Link Mon Aug 27, 2012

There are some loan situations that would allow you to 'assume' the seller's loan. You would have to see the seller's loan documents in order to know if it is allowed. You would tnen have to qualify just as if you were purchasing a home yourself. It is sometimes a good deal if the interest rate is low enough and you don't have to come up with too much cash to the seller. Most of the risk is on the seller. If you were to do an assumption and not make the payments, the original seller could still be in jeapardy. You should check with the seller's lender and take their offer to a good real estate attorney to make sure that all the ducks are in a row and you are not stepping on a land mine.

Robert McGuire ASR
Your Castle Real Estate
1776 S. Jackson St. #412
Denver CO 80210
Direct – 303-669-1246
0 votes Thank Flag Link Fri Aug 10, 2012
Taking over a seller's payments could trigger their "due on sale" clause, resulting in the lender calling the whole note due. All of the cautionary comments below are true. The seller may not understand that he is still liable for the loan, and it will remain on his credit report.
Barbara Coker
Licensed Mortgage Loan Officer
100% Home Loans All Over Texas!
0 votes Thank Flag Link Fri Aug 10, 2012
Most title company would able to help..

This is a lot more common than you think.

JP and associate
0 votes Thank Flag Link Fri Aug 10, 2012
anyone you know
Flag Fri Aug 10, 2012
Call around.....there's always one that will do it.
However there are so many pitfalls and so much risk for you that the good ones will probably tell you not to do it.
0 votes Thank Flag Link Fri Aug 10, 2012
Bruce Lynn, Real Estate Pro in Coppell, TX
You really need to talk with a real estate attorney for this deal.

Good luck.

0 votes Thank Flag Link Fri Aug 10, 2012
That's going to have to be a decision made by the bank that holds the mortgage, not the seller, their attorney or title company. It's called a "wrap" and most banks will not allow this.
0 votes Thank Flag Link Fri Aug 10, 2012
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