If you’re facing foreclosure or you need to sell fast, you
may find yourself running out of options to sell your house. Selling your house to a real estate investor is
one way to avoid foreclosure, but what about homeowners who need immediate debt
relief? To fill this need, many
investors are now offering to take over house payments.
Take
Over Payments House for Sale
One of the first questions homeowners ask when faced with this option is, “Why would I want an investor to take over my house payments?” The idea of having a stranger take over your house payments may be unsettling. However, there are several advantages to taking over payments for both the buyer and the seller.
For starters, the seller is able to see immediate debt relief.
The buyer takes over the mortgage
payments, which prevents the seller from going into foreclosure. For many homeowners, this is the best option
simply because the process is quick and they see immediate results.
How
the Process Works
The simplest and easiest way to transfer payments is through an assumable mortgage. This allows the seller to simply transfer both the property and the mortgage over to the new owner. Unfortunately, many loan contracts have a “due on sale” provision, which prevents the mortgage from being assumed. However, there are some exceptions to this rule. Lenders are often willing to forgo the “due on sale” clause if it means that they will start receiving immediate and steady payments from the new owner.
That’s where the real estate investor comes in. With the ability to bring the mortgage up to
date and continue to make regular on-time payments, lenders will be more
willing to waive the “due on sale” clause. As a result, the homeowner avoids foreclosure
and the investor can take over the property. It’s a win-win situation for both parties. For homeowners who are facing foreclosure or needs
to sell fast then this may just be their only option. Contact us if you are in Orlando, Kissimmee,
or Central Florida and you need for an investor to take
over your mortgage payments.
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