Home › Forums › Closed Forums › Buying and Selling RE › Take Over Payments
- This topic has 25 replies, 3 voices, and was last updated 16 years, 7 months ago by
Enorah.
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May 17, 2008 at 3:57 PM #206552May 17, 2008 at 6:34 PM #206629
HLS
ParticipantI missed the link before it was removed..
if it wasn’t the “scam” it may have been legit…I run across people on a regular basis who are willing to walk away from their house if someone will just take over their payments.
They will sign the deed over to you, and it is your house with a lien against it for what is owed.
Nothing down, just take over payments.You make the payments directly to the lender.
If YOU decide to ever stop paying, the sellers credit score gets whacked, not yours, and the house gets foreclosed on…You basically have an option while you are living there.
Just keep making the payments. Someday, you either need to buy it and pay off the existing loan, or walk away from it if it doen’t work out.There are ways to protect the buyer,, the seller doesn’t have much of a choice, they would be walking anyway.
It’s not much different than renting with an option to buy, and you might be able to get some tax deductions (Consult your tax advisor)
This can work for a primary or rental property.
The problem usually is that the place is worth $100K-$200K less than what is owed, but for someone who wants a
no down entry and feels the payment is reasonable it’s an option.May 17, 2008 at 6:34 PM #206660ParticipantI missed the link before it was removed..
if it wasn’t the “scam” it may have been legit…I run across people on a regular basis who are willing to walk away from their house if someone will just take over their payments.
They will sign the deed over to you, and it is your house with a lien against it for what is owed.
Nothing down, just take over payments.You make the payments directly to the lender.
If YOU decide to ever stop paying, the sellers credit score gets whacked, not yours, and the house gets foreclosed on…You basically have an option while you are living there.
Just keep making the payments. Someday, you either need to buy it and pay off the existing loan, or walk away from it if it doen’t work out.There are ways to protect the buyer,, the seller doesn’t have much of a choice, they would be walking anyway.
It’s not much different than renting with an option to buy, and you might be able to get some tax deductions (Consult your tax advisor)
This can work for a primary or rental property.
The problem usually is that the place is worth $100K-$200K less than what is owed, but for someone who wants a
no down entry and feels the payment is reasonable it’s an option.May 17, 2008 at 6:34 PM #206577ParticipantI missed the link before it was removed..
if it wasn’t the “scam” it may have been legit…I run across people on a regular basis who are willing to walk away from their house if someone will just take over their payments.
They will sign the deed over to you, and it is your house with a lien against it for what is owed.
Nothing down, just take over payments.You make the payments directly to the lender.
If YOU decide to ever stop paying, the sellers credit score gets whacked, not yours, and the house gets foreclosed on…You basically have an option while you are living there.
Just keep making the payments. Someday, you either need to buy it and pay off the existing loan, or walk away from it if it doen’t work out.There are ways to protect the buyer,, the seller doesn’t have much of a choice, they would be walking anyway.
It’s not much different than renting with an option to buy, and you might be able to get some tax deductions (Consult your tax advisor)
This can work for a primary or rental property.
The problem usually is that the place is worth $100K-$200K less than what is owed, but for someone who wants a
no down entry and feels the payment is reasonable it’s an option.May 17, 2008 at 6:34 PM #206686ParticipantI missed the link before it was removed..
if it wasn’t the “scam” it may have been legit…I run across people on a regular basis who are willing to walk away from their house if someone will just take over their payments.
They will sign the deed over to you, and it is your house with a lien against it for what is owed.
Nothing down, just take over payments.You make the payments directly to the lender.
If YOU decide to ever stop paying, the sellers credit score gets whacked, not yours, and the house gets foreclosed on…You basically have an option while you are living there.
Just keep making the payments. Someday, you either need to buy it and pay off the existing loan, or walk away from it if it doen’t work out.There are ways to protect the buyer,, the seller doesn’t have much of a choice, they would be walking anyway.
It’s not much different than renting with an option to buy, and you might be able to get some tax deductions (Consult your tax advisor)
This can work for a primary or rental property.
The problem usually is that the place is worth $100K-$200K less than what is owed, but for someone who wants a
no down entry and feels the payment is reasonable it’s an option.May 17, 2008 at 6:34 PM #206713ParticipantI missed the link before it was removed..
if it wasn’t the “scam” it may have been legit…I run across people on a regular basis who are willing to walk away from their house if someone will just take over their payments.
They will sign the deed over to you, and it is your house with a lien against it for what is owed.
Nothing down, just take over payments.You make the payments directly to the lender.
If YOU decide to ever stop paying, the sellers credit score gets whacked, not yours, and the house gets foreclosed on…You basically have an option while you are living there.
Just keep making the payments. Someday, you either need to buy it and pay off the existing loan, or walk away from it if it doen’t work out.There are ways to protect the buyer,, the seller doesn’t have much of a choice, they would be walking anyway.
It’s not much different than renting with an option to buy, and you might be able to get some tax deductions (Consult your tax advisor)
This can work for a primary or rental property.
The problem usually is that the place is worth $100K-$200K less than what is owed, but for someone who wants a
no down entry and feels the payment is reasonable it’s an option.May 18, 2008 at 10:22 AM #206825Enorah
ParticipantHLS thanks for that.
The ad had a 1-800 number to call, so I think it may have been the scam version.
May 18, 2008 at 10:22 AM #206880ParticipantHLS thanks for that.
The ad had a 1-800 number to call, so I think it may have been the scam version.
May 18, 2008 at 10:22 AM #206911ParticipantHLS thanks for that.
The ad had a 1-800 number to call, so I think it may have been the scam version.
May 18, 2008 at 10:22 AM #206934ParticipantHLS thanks for that.
The ad had a 1-800 number to call, so I think it may have been the scam version.
May 18, 2008 at 10:22 AM #206964ParticipantHLS thanks for that.
The ad had a 1-800 number to call, so I think it may have been the scam version.
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