Is it possible to just have someone take over the mortgage but put it in his/her name?

Asked by Nicole, Illinois Mon Feb 16, 2009

I owe 206,000 on my home. Are there cases where I can just have someone take over that loan for that amount so I can be rid of my house? My husband is thinking about doing it but if he doesn't can I offer that to a stranger? I hope this question is clear.

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Josh Barnett, Agent, Chandler, OK
Fri Mar 8, 2013
Is your note assumable? Check your note and there will be a clause stating that the note is or is not.
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My NC Homes…, Agent, Chapel Hill, NC
Fri Mar 8, 2013
If you have an assumable mortgage this can be done. You should speak with a local real estate attorney to make sure it gets done properly so that you are removed from all future liability.
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Suzydb, Home Buyer, Philadelphia, PA
Fri Mar 8, 2013
Where is your home loacated? And yes it is legal and I can help!
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Hi, can I have your contact information because I am ready to do the same. My neighbors are driving me crazy with their noise and I want to upgrade as well.
Flag Fri May 10, 2013
Doc, , Baton Rouge, LA
Sun Jan 22, 2012
Yes, it can be done very successfully and legally if done with the proper contracts through a closing real estate attorney to protect both the seller and buyers interest and mortgage holders cooperation(most do cooperate). I bought my house this way and have helped many others successfully sell and buy this way.
This was done very often in the 1980's and is not a thing of the past any longer due to the horrible state of our economy, thanks to our politicians in Washington who have recked the housing industry.
It is done through what is called mortgage payment assumption or a partnership purchase agreement. Most real estate agents and brokers do not like this arrangement and will not tell you about this type of sale because they lose out on a commission since they are generally not involved in the transaction. After all, agents and brokers are in the real estate business for only one reason and that is $$$$$. They are not interested in any arrangements that exclude them, even if it helps people who are about to lose their property to foreclosure or have to get rid of their homes due to a down turn in their finances.
Check it out, it works.
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Crestico Rea…, , Los Angeles County, CA
Mon Feb 16, 2009
It would be hard to answer your questions considering the fact that there some key points missing,
but in general, Yes someone could come and take over your mortgage/loan and Note/Deed from your existing lender. but make sure they are taking over the Loan/Mortgage and the Note/Deed and not just your Note/Deed.

If they are Cash Buyers make sure you do the proper paperwork through escrow to Pay Off your existing Mortgage/Loan and then have the Note/Deed Transfered and if they are going to assume a loan, make sure the lender issuing the loan is going to payoff your existing mortgage/loan.
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Anna Niklarz, Agent, Arlington Heights, IL
Mon Feb 16, 2009
Hi Nicole,
Your documents from closing (or refinancing) will have this information, most loans are not assumable. But sometimes the lender offer loans that can be taken over by someone else. Again, you need to look thru your loan information...if you do not have it, call the attorney you used when purchasing your home, or the mortgage consultant that you worked with. Calling your lender might be also a good idea, if the loan is assumable the bank will let you know how to qualify and what is the procedure.
Please be aware of investors offering to take over your mortgage payments, consult with an attorney before signing any paperwork or giving possession of your home.
If you are not able to continue making payments on your mortgage the banks offer lots of options to homeowners to keep them in their home. There are loan modifications that will lower your interest rate, and sometimes the loan amount. Also, if you are upside down you might consider a short sale, make sure you list your property with an agent that has lots of experience negotiating with lenders. When you sell your home short the lender covers most, or all, of the closing costs including real estate commissions, attorney and title costs.
If you have any further questions please do not hesitate to call me or send me an e-mail.
Good Luck!

Certified Foreclosure and Short Sale Specialist
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, ,
Mon Feb 16, 2009
The first thing you need to do is to look into your loan paperwork from when you closed and then contact your lender to see if allowable. Most banks will need to qualify that person for the loan the same way that you had to be qualified when you purchased. Is your husband on the loan already? If he is, then that's a different thing. He could possibly do a quit-claim to remove you. If you were looking for a stranger to take the loan over, they would definitely have to look to see if you have favorable loan terms. There are such good rates out there today that it might be in their initerest to get a new loan and outwardly purchase from you. Hope I was able to help in some way. Robin
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Dallas Texas, Agent, Dallas, TN
Mon Feb 16, 2009
I believe you are requesting a potential buyer assume the note. THING OF PAST

Only way to do so have a potential buyer pay you direct all expenses on home, mortgage , taxes , insurance , repairs till paid in full you pay all these payments direct on behalf of tenant or lease purchase tenant.
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Michelle Fra…, Agent, Lehi, UT
Mon Feb 16, 2009
You might be able to find someone to assume your mortgage, but be very careful with that. As long as the current mortgage is on the property, it is in your name, and you are ultimately responsible if they do not pay. The only way to get the mortgage out of your name is for the buyer to get their own loan and pay off your mortgage.

There are companies out there that prey on homeowners, so do not be fooled by anyone that tells you they can take over your mortgage and you're out of the loop.
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