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How To Take Over Mortgage Payments All Locations : Nationwide Real Estate Advice

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Showing results for How To Take Over Mortgage Payments [Clear search]
Sun Apr 21, 2013
stephen webber answered:
Good Mornig
The first step is to have an experienced loan officer who is practiced with VA loans look over your credit. Because loan offiicers work with credit everyday and have the incentive to help borrowers with their credit experienced loan offerices are your best bet. There are two articles on credit at that will serve you well. Also check the article, Consultation Interviewing Loan Officers. Also read article #9 on the MCC tax credit for first time home buyers. The best tax credit ever. So my advice is gather all the information you can than interview a loan officer to look over your credit. You will find loan officers and real estate people from your area on Trulia offering their services. A good source. Perfect timing! It will be a very long time, if ever, before there is a time as perfect as this to buy a home and the VA is a the best loan going. The VA is devoted to helping vets buy their homes and thanks for serving the nation.
Best of Luck, Stephen
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0 votes 3 answers Share Flag
Thu Apr 4, 2013
Fred Yancy answered:
You’ll have an expert to guide you through the process. Buying or selling a home usually requires disclosure forms, inspection reports, mortgage documents, insurance policies, deeds, and multi-page settlement statements. A knowledgeable expert will help you prepare the best deal, and avoid delays or costly mistakes.

Get objective information and opinions. Real estate agents can provide local community information on utilities, zoning, schools, and more. They’ll also be able to provide objective information about each property. A professional will be able to help you answer these two important questions: Will the property provide the environment I want for a home or investment? Second, will the property have resale value when I am ready to sell?

Find the best property out there. Sometimes the property you are seeking is available but not actively advertised in the market, and it will take some investigation by your agent to find all available properties.

Benefit from their negotiating experience. There are many negotiating factors, including but not limited to price, financing, terms, date of possession, and inclusion or exclusion of repairs, furnishings, or equipment. In addition, the purchase agreement should provide a period of time for you to complete appropriate inspections and investigations of the property before you are bound to complete the purchase. Your agent can advise you as to which investigations and inspections are recommended or required.

Property marketing power. Real estate doesn’t sell due to advertising alone. In fact, a large share of real estate sales comes as the result of a practitioner’s contacts through previous clients, referrals, friends, and family. When a property is marketed with the help of a real estate agent, you do not have to allow strangers into your home. Your agent will generally prescreen and accompany qualified prospects through your property.

Real estate has its own language. If you don’t know a CMA from a PUD, you can understand why it’s important to work with a professional who is immersed in the industry and knows the real estate language.

Real estate agents have done it before. Most people buy and sell only a few homes in a lifetime, usually with quite a few years in between each purchase. And even if you’ve done it before, laws and regulations change. Real estate agents, on the other hand, handle hundreds of real estate transactions over the course of their career. Having an expert on your side is critical.

Buying and selling is emotional. A home often symbolizes family, rest, and security — it’s not just four walls and a roof. Because of this, home buying and selling can be an emotional undertaking. And for most people, a home is the biggest purchase they’ll ever make. Having a concerned, but objective, third party helps you stay focused on both the emotional and financial issues most important to you.

Fred Yancy, Broker
Crye-Leike Realtors
(678) 799-4663
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0 votes 11 answers Share Flag
Thu Jul 25, 2013
Kevin Sanderlin answered:
First step.... Talk to a lender!
Can't buy a home if you don't have the money.
You will probably get several references today from your question.
My preferred lender is Jon Shrum and can be reached on his cell at 714-614-3707
He can help you get pre qualified for a loan and get you on your way to buying a home.

Kevin Sanderlin
Keller Williams Realty
Cell 714-588-7881
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0 votes 22 answers Share Flag
Thu Jul 25, 2013
Daniel Di Matteo answered:
I'd be more than happy to help.

Daniel Di Matteo
0 votes 35 answers Share Flag
Tue Oct 29, 2013
Matt Laricy answered:
Tue May 26, 2015
Anthony "Tony" Cain answered:
I would be happy to have have that conversation with you. Please contact me at your earliest convenience. Call, Text, or email anytime!

Tony Cain

Associate Broker | Prudential Kahler Realtors | 2401 W. Main St. | Rapid City, SD 57702

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0 votes 10 answers Share Flag
Tue Oct 22, 2013
Jennie Miller, Pllc answered:
Have you spoken with a credit repair company? A couple of my clients have used one and see great success--and they can make recommendations that will increase your score even though you don't have things to pay off or have removed. ... more
0 votes 9 answers Share Flag
Thu Apr 2, 2015
stephen webber answered:
Depends on how well it has been maintained. Many many good solid houses over 50 years old. Just be sure to have your purchase inspected.
If you where to decide on and establish a geographical area you prefer to live in and establish a price range than see every property for sale in that area and price range you would become a very savvy home owner. Its not that difficlut of an undertaking. In my real estate years I walked hundreds and hundreds of people through the process and they were always happy with the results. There are a series for articles at that outline the process for you. You will also find articles on home inspection.
My advice has always been; gather information, gather information and...
Than after yu gather up all your information you will find loan officers and real estate agents on Trulia offering their services. Good source.
Best of Luck, Stephen
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0 votes 29 answers Share Flag
Wed Apr 3, 2013
Joseph Roraff answered:
You would need to talk to. Mortgage lender in your area. They look at a lot of other things beside credit score.
0 votes 8 answers Share Flag
Mon Oct 14, 2013
Daniel Lehman answered:
Depends on the REASON for the lower credit. It could be inquiries, it could be derogatory accounts, and very commonly a VERY simple way to increase it would be to decrease your "debt to high limit". In other words, if you have a 10K limit on a credit card, you want to stay under 3,000 dollars, or 30% typically.

I dont charge for credit repair, but do a lot of credit repair for my clients to get them better rates/terms, etc when applicable. I also have a system where we can basically say "IF we were to do THIS, what would be the outcome", OR, we could say "We need 50 points. What do we have to do to get 50 points" and it will tell you exactly what you could do to increase your score.

If you want, drop me a line and I can take care of you.

Daniel Lehman
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0 votes 18 answers Share Flag
Tue Apr 2, 2013
I do not suggest doing lease purchases. There are simply way too many things that can go wrong with one from either side.

In order to do true owner financing, the owner must own the property free and clear of any mortgages. Very few sellers are going to be in that position.

If the property currently has a mortgage on it, the owner cannot legally transfer the title to a buyer without the mortgage first being paid in full. Most all mortgage loans have a due on sale clause. This due on sale clause requires that the mortgage be paid in full should a title transfer occur.

The buyer is also at great risk on a lease purchase transaction should the seller quit making their mortgage payments. Right now, many sellers cannot afford to make their mortgage payments or simply chose not to continue making them. I have seen where the buyer is making their rent payment, but then the owner is not paying the mortgage. The next thing the buyer knows is that the home is in foreclosure. That means the buyer will generally not get back any of the money they have given as earnest money or security deposits.

It is also a big risk on the buyer. If your credit is not where it needs to be now, there is no possible way of you knowing it will be acceptable in a set amount of time.

Before entering into any type of agreement like that, the buyer needs to make sure that they fully understand the potential pitfalls that could arise. Should the seller default on the mortgage, the buyer could lose ALL of the money that they have invested. Until you are able to purchase, renting is generally the safer option.

Working with a knowledgeable and seasoned loan officer is critical in today's market. Getting Pre-Qualified is the only way for you to find out your options to see if purchasing might be a possibility for you. To get Pre-Qualified for your purchase, you can submit your request online at

Rodney Mason, NMLS #151088
Sr Loan Officer
Prospect Mortgage
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
Apply Online at
Licensed in Alabama & Georgia with over a decade of mortgage lending experience.

Prospect Mortgage offers a full selection of mortgage programs including:
Conventional | FHA | FHA 580-639 FICO | FHA 203K Renovation (Streamline & Consultant) | HomePath® | HomePath® Renovation | HomeStyle® Renovation | VA | USDA | GA Dream | Jumbo Financing.
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Thu Jun 6, 2013
Antonio Vega-Pacheco answered:
Give serious consideration to doing that. Of course you do not give us the circumstances why that would be required, but regardless you are placing your credit worthiness and financial stability on the line.

Have you considered purchasing the home and leasing it back to them for the exact same monthly payment...Then on the future they can refinance and take over, then you wash your hands.

It would be different if he was single. But being he is married there are twice the chances of things going wrong for you.
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0 votes 5 answers Share Flag
Mon Jun 3, 2013
Michael Carl answered:
I'd be happy to help you. Please email me at and we can discuss next steps and setting up showings.
0 votes 7 answers Share Flag
Tue Sep 24, 2013
Paddy Pizappi answered:
Property taxes vary according to municipality and school district. Property taxes also figure into how much rent you pay in the same areas as the landlord must pay the taxes on the property as well. It seems to me that you need to sit down with a real estate professional and mortgage broker to see what you feel comfortable paying monthly for mortgage, taxes, and insurance then see what houses in the area meet that criteria. I hope that will be helpful to you. If you would like to discuss it further please feel free to contact me. ... more
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Thu Apr 4, 2013
Gregory Touchstone answered:
You could definitely use the advise of an expert lender. I suggest you call Vino Alonzo of Castle & Cooke Mortgage. You can find his contact info on this website.

Let me know how else I can be of help.

Gregory Touchstone
Keller Williams Realty
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0 votes 9 answers Share Flag
Mon Apr 1, 2013
Cheryl Dimmerling asked:
This question was asked from this property:
0 votes 1 answer Share Flag
Tue Sep 1, 2015
Don Tepper answered:
Here's a link to a blog I wrote on finding lease-options:

However, let me be clear: Most lease-options are not permitted in Texas. But the process for finding owners willing to finance is pretty much the same. What you want are owners that would like to sell, but don't need all their money up front. They're willing to take payments. That, essentially, is what people do with lease-options and lease-purchases.

So the process is largely the same.

And make sure you have a lawyer review all the paperwork.

Hope that helps.
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0 votes 5 answers Share Flag
Thu Dec 26, 2013
Mike Coljohn answered:
Hi Aimee,

I'm a Realtor that specializes in the area and know of someone that may be able to help you. Please call me for further details. My contact info is below. Thanks!

Mike Coljohn
RE/MAX Trinity, Team Louie "B"
7570 Chippewa Rd.
Brecksville, Ohio 44141
Cell: 216.509.3027
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0 votes 6 answers Share Flag
Thu May 8, 2014
Andrea Brooks answered:
I would recommend talking to a lender now so you can better understand how to proceed. I work with several industry-leading professionals that I can connect you with. I'd welcome the opportunity to help with your home search as well. Please feel free to call at 469-450-1326

Andrea Brooks
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0 votes 26 answers Share Flag
Sat Apr 20, 2013
Linda Mann answered:
Hi Jeff,

I can help you! I'm a Buyer's Agent and have worked with many people recovering from a short sale. There is a little bit of a trick to it, but it works and it sounds like you might ready!

Give me a call!

Linda Mann
REMAX All Star
727-422-0069, Mobile, Email
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