Pay Home Loan
 

Should I Take Over The Current Home Owner Mortgage?

Question by Claudette | Posted in Renting & Real Estate

I be sure someone who current has a house they want to sell they are still paying on the mortgage, but with the prevalent housing situation I am interested in renting the house after all buying the house once the housing market is better.

Answer: Few mortgage loans are assumable, even fewer are non-qualifying assumable. So, you will undoubtedly have to get a new loan to buy the house.

The current owner can probably rent out the lodgings to a tenant. But, if the owner is delinquent

 
 

I Am A Home Owner (mortgage Holder) And I Am Interested In Letting Some Friends "rent To Own" My House.

Question by ashleyd1982 | Posted in Renting & Real Estate

What nice of contract do I need to draw up in order to legally do this? Also, how can I get around the election consideration fee? I would like to come up with a simple rent to own compact, but I am unsure of how to do this. Do I need to consult a lawyer?

Answer: You are not a "mortgage holder," you are a "mortgagor," which is the facing. If your mortgage is one of the rare assumable ones you can sell it to them for the mortgage balance. If not you can commitment to sell it to them contingent

 
 

Wht Happens To The Home Mortgage If The Home Owner Dies?

Question by mandac_a | Posted in Personal Finance

will the billet be used to pay any debts left by the home owner?

Answer: The building is an asset of the estate; the mortgage is a claim against the estate. If the estate has enough other assets, it can pay off the mortgage, but most often the house is sold.

 
 

Can A Home With A Mortgage Be Owner Financed?

Question by grandmalc9 | Posted in Renting & Real Estate

We have a client who would like to owner-finance our home; however we still have a mortgage. Will we have to pay off the mortgage or can we pay it off when the balloon payment is made at the end of 5 years?

Answer: Owner financing can be a tremendous way to make additional money on a home sale. It is usually the seller's principle if the seller owes no or very little money on the house, and the seller is enthusiastic to take some risk. But I would be cautious of

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What Is Better For A 1st Time Home Buyer, Mortgage Or Owner Finance?

Question by cocoa | Posted in Renting & Real Estate

I found a home I in the final analysis like but its $97000 and my income is $1600 per month. They can give me either selection to finance myself or mortgage. I want a mortgage because I would like to have everything escrowed and then refinance after 2

Answer: If I were you I would respect holding off on a house. I don't know if your take home pay is $1600 per month or if that's your coarse but that might be a little light to be getting into a home. If you amortize the $97K 30 yrs at 5.5% interest your payment

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by Bart O'Shea

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