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| *Loan,banking and credit>>>mortgage loan |
If you can simply take over payments on a vehicle loan, why can't you just take over payments on a mortgage? |
If you can simply take over payments on a vehicle loan, why can't you just take over payments on a mortgage? When you take over the payments on car loan the term is usually just 2-5 years and the amount is relatively small. If you wanted to take over the payments on a house there is usually 15-30 years in the term and the amount is much greater. Most people want the equity - value they have already invested in the house by making a down payment and monthly payments- back out when they sell a house. The bank is also much more cautious about allowing a loan with such a big balance transfer to someone without going through the credit checking paperwork and being sure that the new owner will be reliable. Also, most real estate appreciates while most automobiles depreciate so simply taking over a car loan still allows the bank to get a return on their investment. The bank would loose the appreciation value if they allowed a loan to be taken over for a house. It's not impossible, but it is not common. A bank might allow it if the term was lengthened to account for appreciation or if the interest rate was adjusted to allow for the same thing. I hope that makes sense. In Canada, you can take over the mortgage if you have enough money to pay the remainder - the un-mortgaged value of the property. Don't know about the U.S. though. The difference between $20,000 and $200,000? In most states the laws are different for personal property and real estate. YOU CAN TAKE OVER PAYMENTS ON SOMEONES LOAN AND HAVE THEM DO A QUICK DEED AND RELASE THEIR NAME OFF OF THE PROPERTY. IF YOU GO TO THE BANK OR LENDER THEY WILL NOT DO THIS THEY WILL INSTEAD TELL YOU TO REFINANCE THE REMAINDING BALANCE. IT IS ALL A SCAM TO GET MORE MONEY. SO HAVE THE PERSON EITHER ADD YOU TO THE PLOICY AND AFTER 3-6 MONTHS DROP OFF THE POLICY OR HAVE THEM DO A QUICK DEED AT THE CITY HALL/COUNTY RECORDERS OFFICE There are, or there used to be assumable loans on real property. The problem was once a person signed over an assumable loan to another they were still beholding to the lender in the case of default. Now with property being worth several hundred thousand dollars a person cannot accept the risk of someone else going into default. I could not imagine having two mortgages because someone couldn't keep up the payments. |
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