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Updated about 9 years ago,

User Stats

61
Posts
12
Votes
Michael Ramzy
  • Investor
  • Rochester, NY
12
Votes |
61
Posts

Can someone takeover someone else's mortgage?

Michael Ramzy
  • Investor
  • Rochester, NY
Posted

Hi, this is interesting! I'm trying to use some creative Financing, so I wonder can someone takeover someone else's mortgage? I mean for example; I bought my property last year for $100,000 and I put down $25,000 down. My monthly mortgage is $360. Can someone approach me to takeover my mortgage and continue paying my $360 a month and pay me my downpayment plus $10k or whatever?! 

If that is so, who would you need to be on your team for such a transaction being in the buyer's shoes; Accountant, Attorney...or who would do the financing to make sure the transfer goes right and clean?

Any thought on this scenario, if someone did similar transactions? Thanks

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