My first deal!! Have the right people but need help to work out the details!! - Posted by Rachel

Posted by Rachel on June 04, 2000 at 12:27:52:

I’m trying to work on a deal here. The seller owes 31,000. He’s leaving the country and is willing to just let me take over the payments. The mortgage payments are 423.00 a month. The mortgage co. does not allow to assume loans. I want to just make the payments without transferring the loan on my name. What kind of contract can I use? The seller will give me the mortgage info and I’ll make payments every month. I have a buyer for the home willing to give me 1200 dollars down and pay me 730.00 a month which is 300 dollars above the mortgage payments. My question is what kind of contracts do I use, and how do I set it up without having the loan on my name, since I don’t want to be responsible if the buyer defaults. If I just sign contract with seller, to make his payments, what happens to the title after mortgage is paid off?(10 years)
What about insurance on the home, who will get paid if something happens?
I’m really in the dark here, I would appreciate any advice to work this out.