Posted by Arlen on May 17, 2000 at 20:51:04:
Is that “Successful Investor” by any chance using the last name of (FLINTSTONE!) That is the most ridiculous statement I ever heard of!.
You can in fact do what you are talking about here but not like that. You take over the loan “Subject To”. This is very common however, it takes a little more that that ancient way your buddy described.
Taking over payments - Posted by Chris R. (OH)
Posted by Chris R. (OH) on May 17, 2000 at 20:07:17:
Hi all. I’ve been in the real estate business for 4 years. Mostly rental property. I’ve fixed up a few houses and resold. I don’t have a job hence I can’t get loans very easy.I come across many deals in which the owner just wants to get rid of their house while they have an existing loan on it. I’m looking for a way to take over their payments on their existing loan. I have listened to a very successful real estate invester from our local real estate group speak about having the owner sign a blank deed over to him in which he calls the owners bank and says he owns the house now and wants to take over the owners payments. He says sometimes it works and sometimes it doesn’t. What do you people think of this? Also do you have any other ways to take over payments on the owners existing loan? Any info is greatly appreciated. Thank you. Chris