Posted on: 31st Oct, 2009 09:36 am
My land wants to get rid of her mortage by tranferring it to me, is that possible? She has been paying interest only at a fixed rate.
It's possible, if the Lender agrees. Is your landlord's mortgage assumable? Call her Lender and ask if there's a way for you to assume it. If not, you'll need to purchase the property from her.
Even if you want to purchase the property,you need to go for mortgage.So it is in best interest for you to assume the mortgage instead of purchasing from your landlord.Because it will save transaction cost associated with purchase.At the same time ask your lord to quitclaim the property on your name.
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>>At the same time ask your lord to quitclaim the property on your name.
Now why would she want to do that? It doesn't help with the objective of getting rid of the mortgage. In fact, it'd put the Landlord in a terrible position. She'd be making mortgage payments on a house she doesn't own.
Now why would she want to do that? It doesn't help with the objective of getting rid of the mortgage. In fact, it'd put the Landlord in a terrible position. She'd be making mortgage payments on a house she doesn't own.