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Real Estate Tips & News

Tina Minter

Top articles:

As part of his "To Do List" President Barack Obama visited Val and Paul Keller on Friday. The White ...
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» Read all articles
 
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 Offers realty in:
  • Virginia Beach, VA ☪ ⛽ 🍏 🛍 🎭 🍔 ☕ ✡ 🦄

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    Mariusz
    It all depends on your deotniiifn of taking over your payments. Most mortgage documents will not allow you to assign the mortgage agreement with the lender without first approving the new applicant. So lets start there. Why dont you just the ask the bank and explain you cannot afford the payments anymore and are seriously thinking about walking away from your home because it cannot be sold. They may suggest: 1. Deed in lieu 2. Short Sale 3. Consent Foreclosure-if allowed in your state.Then ask them if they would consider assigning the mortgage to someone if they can qualify? The banks are adjusting policies everyday to prevent foreclosures so anything might be possible.If the answer is no, then the only viable option would be to draft up a rent to own agreement which does not transfer ownership but transfers future equity. Also contact the bank and add the person to the account as an authorized user. This will require you to submit an authorize user agreement. Once they have authorized user status they will be able to contact the bank directly, and perform most functions as if they were the owner. If in the future there is a problem you can always cancel the authorize user agreementAs long as the person continues to make the mortgage payments at some future date of their choosing they will be able to purchase the property.
    read more... 07/21/2013

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