What do you know about taking over someones mortgage payments?

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I am currently in the process of moving and can’t help but notice all the adds online for taking over someones mortgage and getting a house with the deed in your name for a cheaper monthly fee than I am currently paying. To me it seems like a great investment opportunity without having to go through the loan process. Does anyone have any experience with this type of thing, advice is needed ASAP as I have 30 days to move out of my current location.

2 Comments
  1. Reply
    kemperk
    April 29, 2011 at 11:02 pm

    be very careful about this. Many times, someone wants this done
    but they “convince the buyer/investor” not to require their name on the
    deed for ‘x’ period of time.

    NEVER ever agree to make payments on any prop where you
    are not protected with YOUR name on the corresponding deed!

  2. Reply
    realtor.sailor
    April 29, 2011 at 11:11 pm

    Be very careful. You can’t take over someones mortgage without the mortgagee’s (lender) approval. Also, many mortgages have a “due on sale” clause. That means if ownership changes they can call the loan due.

    realtor.sailor

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