Updated over 7 years ago on . Most recent reply
Taking over a mortgage
Hey BP I have a question if I have a gentleman wanting out of a property title that fell inside his lap and he offered to give it away not wanting anything in return.... The house has a 98k mortgage and 7k lien can I please get some help on how to take over the mortgage on this property the comps are between 140k and 155k for that area so even after paying 105k its still a good deal any help would be appreciated...Thanks in advance!
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Jon Holdman
#3 Real Estate Deal Analysis & Advice Contributor
#3 Real Estate Deal Analysis & Advice Contributor
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- Mercer Island, WA
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Jon Holdman#3 Real Estate Deal Analysis & Advice Contributor
#3 Real Estate Deal Analysis & Advice Contributor
- Rental Property Investor
- Mercer Island, WA
With "subject to" you purchase a property "subject to the existing mortgage". It is NOT an assumption. You don't qualify with the lender. You just buy the house, make the payments and hope they don't call the loan. @Jacob Mashburn I assume this is what you mean by "section to". Try searching for "subject to". Lots of discussion on that topic and the risks.