how can i buy this house from my friend.it's a win win for us both he gets out of it and i get it
i have a friend that has broken up with his girl friend who was making the payment on his house now he can't make the payment on the house any more he is behind 1500 and the mortgage is 660 half going to the loan on the house and the other half going to the bank because of 3,000 owed to them for covering his property taxes for the last 3 years we are talking about me paying what he ows the bank (1,500) in morgage and keeping up with his payments of 660 for one year after the year i am told the payments will be normal payments of 330 i was wondering how this will work if my credit isn't great
The same question was posted on my hub, so here is the same answer:
Your friend doesn't need credit to do this because you don't ask the bank's permission first. You just sign the deed over to her and she starts making the payments. Of course, you'll need to make sure the deed states that she is responsible for the payments on the loan in case any issues arise.
Here is a form you might be able to use: http://www.ilrg.com/forms/warrantydeed-debt.html
And here is some more information about subject-to real estate. There is a free signup, but I'm not sure how much information they give without having to buy something: http://www.getthedeed.com
The main things you should think about before doing this are: 1) If she doesn't pay, you credit will be screwed (but it will be anyhow if the house goes into foreclosure), and 2) If she doesn't pay, your friendship will probably be destroyed over this real estate deal.
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