I'd like to hear what exactly the situation is here. Is someone offering to take over your payments because you are behind on your mortgage?

If you are behind on your mortgage and having difficulties, call the Consumer Credit Counseling Service of Delaware Valley. You can get a no-cost appointment with a HUD approved housing counselor and they will help you determine if you are eligible for any loan modification or maybe a HUD partial claim (if you have an FHA loan) program to help with your situation. These programs are part of Obama's HOPE program to help struggling homeowners avoid foreclosure. (800) 989-CCCS (2227).... They are a non-profit organization who can help. http://cccsdv.org

Just like the other agents said, if it sounds too good to be true, then it is. There is a reason you are questioning this situation.

Kelly Gidzinski
Keystone Property Connections, LLC

Dear Ladye251984,
Make sure you understand the terms before you take over the payments. Make your calculations to see if it makes sense. When something is too good to be true it may not be the right thing to do.
Read everything before signing. It better to be cautious than later regret it.
Good luck!

Hello Ladye and thanks for your question.

Based on my very limited experience in this field, one of the comments I often hear from people "claiming" to want to buy your home or take over the payments is that they like to call the seller or current homeowner "an equity partner" or refer to the scheme as "equity sharing" in an attempt to make it sound as if you won't need to pay for the home, but later, you'll get money out of the deal if it sells for more. Proceed with extreme caution--we are, after all, talking about the largest asset you own. When I once questionned one of these solicitors about their "equity sharing plan", she got really ticked at me and started telling me that the concept was so complicated it was probably "over my head." Being a realtor with an accounting and finance background, I was pretty sure it was not over my head, but it was purposely made to sound complicated as part of the "sales tactic."

If you are approached by someone who appears to be legitimate and want to look into a sale involving assumption of your loan, that person will not hesitate to put his/her plan under the magnifying glass of a good real estate attorney. Always seek qualified legal assistance when contemplating any unconventional home selling techniques. incidentally, did you know that FHA loans are, in fact, assumable, while most conventional loans (Fannie and Freddie) are not?

Good luck!!

Sincerely,
Grace Morioka, SRES, e-Pro
Area Pro Realty