Tenant is profusely sorry and stays in contact, but that does not pay the mortgage.

They're very different thankfully so it feels like there's always at least one who's acting like a normal human being...A defeasance is something that happens on commercial properties when a securitized loan (like a CMBS [commercial mortgage-backed security] or agency loan) needs to be paid off early, either when you're refinancing or selling your property that has a loan on it.

Moving there initially since low down then ideally want to rent some rooms to cover mortgage!

Ultimately build equity by having tenants cover mortgage.

Then pay down a few current mortgages that are at 8%.

My friend is selling his house and is open to an assumable mortgage.

I need some advise from you all before i move forward.How do you make the mortgage payment?

My plan is to maintain the status quo and benefit from annual rent increases and equity gain as the tenants' rent covers the mortgage.

My plan is to maintain the status quo and benefit from annual rent increases and equity gain as the tenants' rent covers the mortgage.

I don't know, it sounds kind of weird but my friend is kind of freaking out about potential liability since the lien was literally placed on the house essentially hours before closing. she needs to contact whoever wrote the title insurance.. the attorney is just an agent for the insurance carrier.. that should fast track.. this happens I have had it happen to me by crooks/criminals literally who put a mortgage on a property 15 minutes before my title company recorded my mortgage so when my title policy came out i was in second position not first position as my escrow instructions stated I needed to be ..