OfflineAright guys lets just say that i encounter a seller that just wants to get rid of his house... as in just sign over his mortgage and deed then i pay off all the back mortgages on the property then take ownership of that property.
Is that legal? has anyone ever done this?
Thanks..
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I am new to real estate so please help... please!!!
The majority of conventional mortgages are not assumable, in fact a bank can call the mortgage in "due in full". When you say pay off all the back mortgages, when exactly do you mean, a second mortgage etc ?
If you buy "subject to" you will just take over the payments & pay the bank any delinquent payments to bring the loan currant, if any, usually a bank won't call in a note if the payments are being made, even if it's by someone other than the mortgagee. In this case despite it being recorded subject to, the original person is still responsible for the loan, so if you don't pay, the bank will foreclose on him.
He has a large section on assuming mortgages.
Here's the link! VALUABLE info in this link for ALL newbies!
http://www.deangraziosi.com/real-estate-forums/everything-else/49717/bil...
It is CERTAIN we will SUCCEED!