Can I take over a mortgage from my parents? Learn the answer and it will shock you "Can I take over a mortgage from my parents" in this video.
Taking over a mortgage is called Seller Financing, Subject To Real Estate Investing or Seller Carry.
Simply what that means is the real estate property seller is a motived home owner and he/she is will to become my private banks so I can buy their property. Subject To Real Estate Investing, taking over house payments, can happen with family or strangers. I have personal only bought house from strangers with “Take over a Mortage” .
However, the ideas is the same if the stranger was my parent when it comes to seller Financing. There are many ways to structure seller Financing real estate properties
2. Watch the video for #2 and #3.
I love buying house with owner Financing. However, the banks does not like seller Financing deals as they want the new buyer to cash out the underline mortgage. In other words, the mortgage company want the new buyer to pay off the old mortgage.
The banks does not want the new buyer to just taking over mortgage payments. Therefore, in the Deed of Trust the banks have a clauses called DOS, Due on sale, where the bank can accelerate the mortgage of the Borrower / seller had transferred the deed to a new buyer without paying off the mortgage.
So the simply answer is YES and NO. Watch the full video to learn more about “Can I take over a mortgage from my parents?”
Please click the LIKE and the Subscriber Button. Thanks for watching. Don't forget to download my FREE Seller Financing Real Estate Investing Book
RESOURCES FOR GET THE DEAL WITH SELLER FINANCING:
SELLER FINANCING TRAINING (LISTEN LIVE CALLS WITH SELLERS NEGATION SELLER FINANCING PROPERTIES)
SELLER FINANCING MARKETING
#TakeOverMortagePayments #SubjectToExistingMortgage #SellerFinance