Personal Finance
Market News & Data
General Info
Real Estate Strategies
Short-Term & Vacation Rental Discussions
presented by
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Tax, SDIRAs & Cost Segregation
presented by
1031 Exchanges
presented by
Real Estate Classifieds
Reviews & Feedback
Updated about 9 years ago,
Can someone takeover someone else's mortgage?
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