Re: 2010 Land/home strategy

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Posted by andyr on February 02, 2010 at 01:37:42:
In Reply to: Re: 2010 Land/home strategy posted by Cole Haynes on February 01, 2010 at 20:46:28:
How do you sell the home and have the mortgage remain in place? How do you transfer ownership or take a legal interest when the property is collateral on an existing mortgage. UCC filing? Terms of the mortgage will obviously say the property can't be sold without payoff. They won't qualify to assume the mortgage.
If the buyer makes a contract to pay the existing mortgage leaving it in the homeowners name, then the homeowner is on the hook if the buyer fails to make payments.
Give me a step by step of this works. I must be missing something.

Follow Ups:

Re: 2010 Land/home strategy Cole Haynes 07:59:47 02/02/10 (5)

Re: 2010 Land/home strategy AndyR 09:05:34 02/02/10 (4)

Re: 2010 Land/home strategy Dr. B. (OH) 20:43:54 02/02/10 (2)

Re: 2010 Land/home strategy cole haynes 01:06:53 02/03/10 (0)

Re: 2010 Land/home strategy cole haynes 01:06:01 02/03/10 (0)

Re: 2010 Land/home strategy Cole Haynes 15:25:22 02/02/10 (0)

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