RentToOwn-HouseFinder.com
Can I get a house on land contract with existing mortgage?
My good friend and neighbor is behind on his mortgage and was wondering if there was a way to basically take over his mortgage kind of like a land contract or rent to own deal?
Public Comments
- This really depends on the kind of loan your neighbor has on his house. Some loan types are assumable at the current rate and term, through the mortgage company. You would still have to qualify for the loan and the terms just like you would if you were purchasing a house, but it is possible. My questions would be what your benefit to this scenario would be unless you plan on living there. You also might check with his mortgage company, many will work with people to give them a temporary break from mortgage payments, if the problem is unemployment or something to that effect. I am a realtor in Tennessee and I was just informed that our state is rolling out a new program that will help people in situations like this with up to $20,000 in funds, which are not recaptured as long as you continue living in the residence for a certain time after taking advantage of this program. Good luck to your neighbor, let me know if by any chance you live in Tn, I will be more than happy to pass on the info
- Your case sounds like tax liens. Yes you can do it. Research in the internet about tax lien states and you may very well own that property.
