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Owner want to give me the house


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#1 Learning and Burning

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Posted 29 July 2014 - 01:29 PM

I got a lease with option this last week and its all good. Talked to the owner today and he does not want the house as he is living out of state with no intentions to come back to California. He wants me to take over the loan and he will do whatever he can to get me on and him off of the loan etc. Of course this sits well with me but need to know if there is a way to do so? We signed for 36 months the terms and the property are good for what it is. So again is there a way for him to simply assign the loan/title to me and keep truckin?

 

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#2 MichaelC

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Posted 29 July 2014 - 02:31 PM

. . .is there a way for him to simply assign the loan/title to me and keep truckin?

 

That is the decision of the bank who holds that mortgage.  Nothing you can do at this time.  The homeowner needs to contact the lender and plead his case as to why it would be beneficial to do so.



#3 Learning and Burning

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Posted 30 July 2014 - 05:42 PM

Well i figured as much. Guessing the bank is not so easy to take someone off a loan and conveniently put someone on for whatever reason. Now the new question is do you know of it ever happening? I mean without all the qualifying from the bank and their rules, Is there ever a good enough reason for them to do so like you said owner now would have to have a really good reason for this to happen?

 

 



#4 MichaelC

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Posted 30 July 2014 - 05:55 PM

It's not the norm these days, Mike.  With the real estate bubble still fresh in their minds, banks are much more cautious these days about allowing their loans to be assumed by another party.

Factors involved would be the payment record of the original mortgagor; the terms of the original mortgage compared to terms today; credit history of the wanna-be assignee; etc.

No harm in trying, so push the current homeowner to see what he can do.






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