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.
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.