Re: How to explain - Posted by Redline
Posted by Redline on August 29, 2003 at 11:03:31:
I find the “mortgage still in your name” to be a sticky subject often times. I have talked to many people who haven’t paid their mortgages (or anything else) in 11-12 months but will tell you “Oh no! We couldn’t let the mortgage stay in our name … what if you dont pay?”. Makes you wanna laugh right in their faces.
Anyway I am taking one subject to TODAY actually, and while they weren’t thrilled the mortgage would stay in their name I convinced them that since I was bringing it current and paying them cash as well - I had a pretty serious equity interest and that it was now in BOTH our interests that I get the home resold. That would mean I get paid, and their mortgages go bye bye.
I also explained that when I brought their loans current and paid them off that would reflect on their credit so that was a positive for them.
I find that the people who “want” a solution will usually have a problem with staying on the mortgage. People who are smart enough to realize they NEED a solution will work with you. Unfortunately many that should need only want.