It's confusing because the article misleads one to believe buying a house does not require buying the house, and selling the house still ties you into the original loan of said house. The entire point of selling the house is not fulfilled and instead you end up stuck in a really weird, gray zone.
It's more confusing because an average seller would have no idea the difference between a standard house sale and this since they are advertised as one in the same
The deed being transferred without the mortgage being paid off can trigger the acceleration clause. It depends on the loan servicer.
Overtaking a mortgage is a great way to buy a home. If the current owner is behind, catch up the mortgage payments, give them some money to move, and have them deed the property to you.
[ + ] Lost_In_The_Thinking
[ - ] Lost_In_The_Thinking 0 points 1.7 yearsAug 23, 2023 20:02:18 ago (+0/-0)
[ + ] CovidHoldout
[ - ] CovidHoldout [op] 0 points 1.7 yearsAug 23, 2023 20:06:56 ago (+0/-0)
It's more confusing because an average seller would have no idea the difference between a standard house sale and this since they are advertised as one in the same
[ + ] SilentByAssociation
[ - ] SilentByAssociation 0 points 1.7 yearsAug 23, 2023 22:02:33 ago (+0/-0)
Overtaking a mortgage is a great way to buy a home. If the current owner is behind, catch up the mortgage payments, give them some money to move, and have them deed the property to you.