Owner financing question

6 Replies

@Isaac Chun I forgot the correct term for it. But I do know that you can have them transfer the title to you, and you come to some agreement as to paying the loan off for them by making their monthly mortgages. The loan would still be in there name, but you would have legal right to the property. Sorry I couldn't be more direct
@Isaac Chun I believe it is a Subject To setup. Or even Land Contract might work. However, with that being said, them trying to do anything as far as the title goes, could end up making the mortgage company or bank call the loan due. Now, will they? Probably not. Can they? Absolutely. At any moment. So make sure you are prepared and have contingencies in place in case that were to transpire. Speak to your attorney and make sure to get title insurance as well. I would make sure you are in a position to refinance on the property to cover it incase the mortgage company does call the loan.

Yes, this can be done and it is called and AITD or All Inclusive Trust Deed.  I am not sure about the process of originating such a note.  Kyle does offer some good words however, yes if the underlying lender (bank) finds out that you have created the AITD on the home, they can call the loan.  Good luck with your endeavors.