Take Over The Mortgage Payments
The owner has agreed to let me take over the mortgage payments (the loan is not assumable) after getting "Forbearance Agreement" from the Lender. Please advise how to do this without hurting myself and the homeowner and also without the knowledge of the Lender. Thanks.
Check out the subject to forum a few forums below. No need to get the lender involved. The way I've been looking into is creating a trust and putting the deed in that trust. Then having the owner sign you as the beneficiary. There is also something involving a quit claim deed, but I don't know much about them.
the best way is to make the mortgage payments for 12months on time. preferably cashier check or personal check, make sure you keep copies of the payments . must be in your name. also you need to grant deed yourself on to title. then refinance the property in your name. subprime loan would be the easiest. this is a good time to find out if theirs any judgements or liens on title. With most direct lenders you need 12 months of vested interest in the property. of course you need to consult with your local property attorney. Im in california so I can only speak for this state. In your case with the Forebearance this might follow you depending on the credit. Make sure your Debt raio is under 50%-- unless you go stated docs