So The Seller Is Hittin The Bricks........
So I convince a seller to sign over the deed to his house and I set up a contract to make sure his mortgage is paid by me or hopefully someone else. Maybe he takes the $5k I throw him and goes to buy another house. His new mortgage broker asks where he plans on getting the money to pay for two mortgage payments, since the one I'm paying is still in his name. How will he get approved for another loan if he still has the old mortgage in his name?
I have the same Question
Is there a letter that can be writen to the mortgage company
to release the first house
people do own two homes-if the mortgage broker wants proof fill out a HUD-1 statement for the sale(lines 203&503 "subject to"
you can get it at the website-more proof -show them the cancelled checks your paying to the underlying loan.