A relative in Ohio missed a few payments on her house and narrowly missed a forced foreclosure auction.
I'd like to bail her out somewhat by taking over her mortgage from the existing mortgage company. She would then be making payments to me instead of them, and I'd be a LOT more willing to forgive a missed payment or three. (Also her payments would be a lot less, even if I charged, say, 4% or 5% on the balance -- and no, I'm NOT trying to get rich off her or gouge her!)
It really sounds to me like a refinance process, where she would be refinancing her home, but through me instead of a traditional lender. (I have enough cash to pay off her existing mortgage and separate lien.)
But I don't know how to get the process started, or what kinds of paperwork I'd need to provide.
Anybody else go through this before? Or be able to tell me who to talk to, or where to go? (Be nice, now ...)
Thanks,
Ed
2007-01-13
17:38:11
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2 answers
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asked by
Anonymous
in
Renting & Real Estate