How do I take over someone’s mortgage?

[Chris Gibson]

I found a house that the owner is needing to sale and they only want want what they owe for it. Is there a way to just take over that loan or is that even a possibility?

[Doug Pretorius]

@William D Banks II You have several options:

1. Subject to. This means the title transfers to you but the mortgage stays in the seller's name until you pay it off.
2. Contract for deed. In this case you would have the payments for the CFD match the seller's mortgage payments and the price match his payoff amount. When you pay of the house off the deed is transferred to you

You could also use a Lease Option, but it's not a good idea to put money into a property you only have an option on.

I personally like to go the CFD route here in Ontario because the closing costs are a bit lower. Or a lease option if I'm not putting any money into the property.