All Forum Posts by: Denean Smith

@Wayne Brooks thanks so much for information I did not even think about the insurance aspect, I would definitely want the insurance to be in my name... the more I think about it, it may just be better to get mortgage in my name and move seller out of picture altogether. This will be second property I have with mortgage I just thought it was a viable option to keep my credit free to buy more. I guess I will deal with creative financing once I get to 5th property.

@Wayne Brooks thanks for info so maybe not right term...wrap mortgage maybe? I am still new to real estate and I am already approved for mortgage but because I want to buy more houses and this seller was fine with me making his payments it allows me to get other houses financed. So what’s your advice what should I do?

I am purchasing a house from a private seller and they are ok with me taking over their payments. I know some banks can require the payment in full once title transfers over. I live in state of Ohio and the mortgage currently sits with TelOhio credit union. I am looking into a real estate attorney but has anyone done this before? Do I need to get the bank involved or is it just a contract between me and seller?