How to get [someone else] to pay your mortgage?
Those include:
- A court order requiring the mortgage company to do so. ...
- Language in your contract with your lender requiring the lender to release you from the mortgage when ownership changes. ...
- If the other party agrees to assume your mortgage, and the lender issues a contract allowing him or her to assume the mortgage.
Should you take over someone's mortgage payments?
Unless someone co-signed the loan or is a co-borrower with you , nobody is required to take on the mortgage . However, if the person who inherits the home decides they want to keep it and take over responsibility for the mortgage , there are laws in place that allow them to do so. Or, the surviving family may make payments to keep the mortgage ...
Can I takeover someone else's home loan?
It is possible to take over someone else's mortgage legally by either assuming the loan or doing a wrap-around mortgage. Before pursuing this option, it is important to know what is legal in your state and whether the existing lender will allow the mortgage to be assumed. Creditworthiness and/or a down payment may be required.
Are there disadvantages to paying off mortgage?
The disadvantages, if any, may stem from the financial trade-offs that a mortgage holder needs to make when paying off the mortgage. Paying it off typically requires a cash outlay equal to the amount of the principal. If this describes you, it may be to your benefit to pay off or reduce the size of your mortgage. Click to see full answer.
What is mortgage in real estate?
A mortgage is an interest in real estate held as a security by a lender for the repayment of a loan. Once any mortgages on a property are paid, a homeowner generally owns a house free and clear.
How to make an anonymous payment?
To stay anonymous, you can make the payment using a money order mailed with no return address.
Did Riquelme pay off his mortgage?
In Riquelme's case, it appears that he paid off the remainder of his parent's mortgage without their knowledge. Typically, this type of gifted mortgage payment can be accomplished by:
