i wish to do a deal with some one who has a morgage on a property,i wish to take over the payments but would not like to many people involved (it must be legal) and which no-one would object to. could i sign a letter to say that i am willing to take over the morgage. yours thankfully paul
2007-08-22 12:49:24 · 5 answers · asked by Anonymous in Business & Finance ➔ Other - Business & Finance
You can't without the agreement of the mortgage holder/owner of the property.
If you are saying that you are buying the property from them, then you might or might not be allowed to just assume their mortgage. It depends on the original mortgage contract - some are assumable, some aren't. If this one is, you'd still have to be approved by the lender in order to take it over.
2007-08-22 13:13:18 · answer #1 · answered by Judy 7 · 0⤊ 0⤋
You don't say if it is your intention to 'buy' the property or if this is basically a sub-let. Some mortgages don't allow for this because the Bank need the legal right to evict you if the payments haven't been kept up. They like this to be uncontested.
2007-08-22 18:03:17 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Make sure you read all documents carefully, before signing. Please have an attorney look at the documents just to be on the safe side too. Check into back taxes on the property as well.
2007-08-22 12:55:17 · answer #3 · answered by temay10 2 · 0⤊ 0⤋
See a Solicitor
2007-08-22 12:53:11 · answer #4 · answered by Anonymous · 0⤊ 0⤋
You would need to read his mortgage to see if it is assumable. If it is there might be a fee and you may need to qualify with the lender.
2007-08-22 12:53:37 · answer #5 · answered by shipwreck 7 · 0⤊ 0⤋