Posted on: 14th Dec, 2009 07:09 pm
I got myself caught up in a mortgage i cannot afford for the long term. my credit is not so great because i am in the process of a loan mod. i cannot sell my property and obtain another mortgage. no one will give me a mortgage. my current mortgage is 1million. i want to buy a property with a mortgage of 600k and sell the house i am in. by doing this i can afford the lower payments and maintain the property. if the mortgage company wont allow a transfer of the mortgage i am afraid i may default on the payments. any idea if any mortgage companies practice this and what the technique is called?
Rob
Rob
"transfer of the mortgage" in what sense? what are you referring to?
i think, he refers about refinance loan.
Hi mtg help,
Do you want to transfer the liability of the mortgage to someone else? Do you want him/her to take over the mortgage payments from you? If this is what you want, the person you want to transfer the responsibility to needs to refinance the loan in his/her name. A refinance is the only way for you to take your name off the loan and be free from the mortgage liability.
Do you want to transfer the liability of the mortgage to someone else? Do you want him/her to take over the mortgage payments from you? If this is what you want, the person you want to transfer the responsibility to needs to refinance the loan in his/her name. A refinance is the only way for you to take your name off the loan and be free from the mortgage liability.
What i am referring to is to transfer the mortgage to another property
thanks
Rob
thanks
Rob
What I am referring to is a transfer of the mortgage to another property of lesser value
it's a great concept, shawnandrob, i suppose, but think it through: how would they transfer a $1 million loan to a property selling for $600K? where do you propose they put the extra $400K?
the simple answer, of course, is "no you cannot transfer a mortgage loan from one property to another." and that's true even if the dollar figures were equivalent. if you could convince a lender to give you a mortgage loan on the new property to be acquired upon the sale of your current home, then that new mortgage would be based on the sales price of the new property and the amount of down payment you've got available.
the simple answer, of course, is "no you cannot transfer a mortgage loan from one property to another." and that's true even if the dollar figures were equivalent. if you could convince a lender to give you a mortgage loan on the new property to be acquired upon the sale of your current home, then that new mortgage would be based on the sales price of the new property and the amount of down payment you've got available.
i have to say, though, that i am pleased to read your first line:
"i got myself caught up in a mortgage i cannot afford for the long term."
too many others blame their lenders, their lawyers, their former spouses, their realtors, perhaps even their children and pets for their getting in over their heads. you've been honest here, and that's always appreciated.
"i got myself caught up in a mortgage i cannot afford for the long term."
too many others blame their lenders, their lawyers, their former spouses, their realtors, perhaps even their children and pets for their getting in over their heads. you've been honest here, and that's always appreciated.
I have a friend that would like to rent to buy my house
1. is this possible
2. if yess how would we go about working it our
the reason being is that I hava a very low intrest rate, 1.75% for another 3 years.
thanks
1. is this possible
2. if yess how would we go about working it our
the reason being is that I hava a very low intrest rate, 1.75% for another 3 years.
thanks
Hi Renate!
Welcome to forums!
It will be possible for your friend to "rent to own" your property. You and your friend should contact an attorney and draft the required documents in this regard.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
It will be possible for your friend to "rent to own" your property. You and your friend should contact an attorney and draft the required documents in this regard.
Feel free to ask if you've further queries.
Sussane