how to have someone take over payments on a house?

Asked by Saintly201, 93023 Fri Jun 8, 2012

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Ramosann8, Home Buyer, Paso Robles, CA
Mon Apr 4, 2016
a friend is interested in buying my property, i do not want to go through a real estate so how do i go about having them take over payments at the low interest
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markdaume, Renter, Monroe, MI
Fri Feb 7, 2014
With 1 of my credit scores being 495, does that mean that I am out of luck? Currently, I have about $1,000 in total debt. I am looking to move from Michigan back to San Diego, CA for some health reasons. I lived there from 1972 to 2007. I am currently on the Section 8 housing list for a second time because my name was somehow dropped from the list after waiting 7 years the first time. When I left San Diego in '07, my income was $864/month. So, I would assume that the amount would be approximately the same if/when I return. The only reason why I am still here in Michigan is that I wouldn't immediately have a roof over my head. If I knew that I had a place to go in San Diego, I would be there right now. My only contact number is my cell. (734)770-5547. If this is not the correct contact please either forward my info to the correct contact, or contact me so that I may call them. I thank you very much for your kind attention.

Mark Daume
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James Gordon…, Agent, Hamilton, OH
Sun Jun 10, 2012
Saintly some of the properties that I list are pre approved short sales. I just ran into a property where the mortgagee on the property did a quit claim deed to someone who was going to take over the payments. The quit claim was signed 3 years ago, and the last payment made to the bank happened one month before the quit claim was recorded.

Now the person that was in your place is under forclosure with no right to sell the home and the person who "owns" the home has no interest in placing it on the market. Interesting situation where someone has collected rent for the past 3 years and will continue to until the sheriff sale on the property while the person that transfered the property is getting their credit damaged and may be responsible for the balance of the mortgage on the property.

Just sell the darn thing and stop trying to think up new ways to skin a cat.
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Jeff Prostov…, Agent, Cambria, CA
Sat Jun 9, 2012
Just because someone takes over your payments doesn't mean you are free of the debt, even if you give the property to another person. As Deborah wrote below, there is no simple answer. More information is needed and you need to be careful.

I have over 31 years of real estate experience. Call me for a free consultation without any obligation.

Jeff Prostovich, Broker, Coldwell Banker Premier Real Estate, 800-585-1224, or
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Deborah Garv…, Mortgage Broker Or Lender, San Diego, CA
Sat Jun 9, 2012
There are no simple answers to your question...and lots of pit falls if the questions are not asked.

First, all (99.9%) of mortgages have a "due and payable" clause that is immediately triggered if a property is sold and/or title is transferred (not to be confused with adding someone to the title). And, even if you enter into a private contract for sale, your are going to remain responsible for the mortgage, it is going to remain on your credit and any late pays will damage your credit, not the new purchaser.

Most ARM products and all FHA and VA loans are assumable. However, the new owner must credit qualify through your mortgage holder to take over the mortgage. The good news is that this process would release you from the obligation entirely.

The bigger question is why are you considering having someone take over your payments? Have you explored other options? Have you talked with either a mortgage professional or a real estate professional to determine if, in fact, there are better solutions? You may be surprised to find there are better ways to accomplish your goals. Best to you!
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Hi Deborah, thanks for your response, Iam considering having someone take over payments due to my tired of paying to keep up the mortgage, feel it would be easier tojust have someone take over payments. I have not taken to a mortgage professional yet, have spoke to a real estate agent, he said it would be very tough to sell being underwater regarding loan. balance.
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David Norwood, Agent, ARROYO GRANDE, CA
Sat Jun 9, 2012
The easy answer would be to sell the home. However, there may be other options depending on your circumstances. Please call me at 805-471-0828.
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Scott Godzyk, Agent, Manchester, NH
Sat Jun 9, 2012
You have to see if your mortgage is assumable, if so is it a non quailifying assumable where any one can assume it or is it quailifying where the buyer has to be approved by your mortgage comapny before they can assume. Also check to see if you are still responsible even though someone else assumes it. Most assumptions keep the original borrower on the hook.
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