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Updated almost 5 years ago on . Most recent reply

Luis Lopez's profile image
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Luis Lopez
  • Member since Jan 31, 2019
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Luis Lopez's profile image
Luis Lopez's profile image
Luis Lopez
  • Member since Jan 31, 2019
Connect
Luis Lopez
2
Votes |
5
Posts
Buying & Selling Real Estate

How do I setup an Owner financing if I still owe on mortgage?

Luis Lopez
Posted

I have 11 years and 7 months of paying my mortgage till I am done. I pay $450. I was thinking I could rent to own/ owner finance the property for 12 yrs with tenant which is my mom's cousin pay me $650. And at the end of the agreement sign the deed over to them. They would be responsible for all maintenance and up keep. I would be out of the picture minus making the mortgage payment. Is this doable and legal. Is it worth doing?

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