Tell us more about the situation. You don't need to qualify to take over a mortgage. You can simply start making the payments to the bank and chances are they won't care because they are getting paid.
I can talk for an hour on concepts and principals but that won't help you much unless you post more details.
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Tell us more about the situation. You don't need to qualify to take over a mortgage. You can simply start making the payments to the bank and chances are they won't care because they are getting paid.
I can talk for an hour on concepts and principals but that won't help you much unless you post more details.
I dont know much about this concept... I vaguely heard about it at a recent RE boot camp sales pitch seminar...
Apparently its a good way to avoid the possibility of the Due-On-Sale clause
Seller gives you a second and doesn't pay, allowing you to start paying on the first. Seller could give you a Deed in lieu of foreclosure.
[addsig]
Sounds illegal to me. Watch it. Any intentional default smells like fraud.