What are the risks to me in allowing someone to take over payments on my mortgage?

This has been a rental house for 3 years and is much more trouble than it's worth. I'd like to sell it outright, but don't have the money to fix it up enough to get a good price and I don't have the money to make the payments while waiting for a buyer. A man offered to take over the payments, transferring the title to his name and setting it up to pay my mortgage directly to the company, but leaving it in my name. He does this for investments and resells the houses. It makes me nervous to think of just trusting someone else to pay something that goes on my credit. What if he does have to turn it back over to me 3 years down the road? What kind of risks am I looking at?

The lender might not allow it in the first place. Most mortgages will be due and payable if the ownership changes; it's a clause written right into the mortgage. So if the deed changes you could end up with a notice from the bank demanding payment in full of the entire balance in 30 days. The only way this could be prevented is for this person to assume the mortgage, again requiring bank approval and most likely a payment of some assumtion fee.

I would never want to simply give title to my property to someone else and still be stuck for the mortgage on it. If he defaults then you could face a ruined credit report.

He is trying to get the property without incurring any financial obligation. What happens to him if he does not pay? The bank forecloses and the blot is on YOUR credit history, not his. it's a really, really bad idea. Don't do it.

You'd have to be complete fool to do this. If you put the property into his name you no longer have any rights to the property but you will remain fully and solely responsible for the mortgage. If he defaults on the mortgage they'll foreclose on you, not him. If he sells the property, even for a profit, yoyu'll get absolutely nothing because all he has to do to clear title is pay off the mortgage.

This is a con and you can lose the property, your credit history and lord knows what else.

In Short....You lose your house!

I don't believe this is a good idea!!! First off, I can't see how you can title it in his name when the mortgage co. holds a lien. If it is a personal loan as opposed to a lien, then you better set up your own lien on the property have him pay you and you pay your "mortgage". You have the right instinct about "just trusting someone". Don't do it. If he wants the property let him pay you and get his own mortgage.

Are you retarded?

#1) it's illegal in the eyes of the mortgage co
#2) depending on the mortgage you pulled out it may or may not be transferable

You don't know this guy!? For people in your situation there are a lot of other contracts that you can enter into that don't involve transference of the title.

If you have a loan the title is usually held by the bank until you pay the loan off. Don "t know if you have a bank loan or some other type.If you signed the loan agreement you are lible for payment.If you show the bank that you have a letter from another party to pay the loan it won"t carry any weight with the lender.If he doesn"t pay your stuck with the payments and the cost of a lawyer to get yor house back

wow if u are in pennsylvania contact me, i would love this deal, lol, NO WAY DO U DO THIS, ARE U NUTS, I WOULD OFFER HIM A LEASE PURCHASE, WHERE PROPERTY REMAINS IN YOUR NAME AND HE PAYS YOU DIRECTLY THAT WAY U CAN GET HIM OUT IF YOU DONT RECIEVE PAYMENT, talk about destroying your credit, and the mortgage company can call your note due in full if they find out. you are looking at all kinds of risk short of a lease purchase and even that is risky if they dont pay you on time as you are still required to pay your lender but at least you maintain title to the property in your name, when in doubt ask an attorney. again contact me if u r in pennsylvania

Wait wait wait!!!!

Short story - THE GUY IS BULL SHITTING YOU!!!

This is a scam to steal your house. Period. Nothing else.

He gets the house. You get the mortgage payment.

No real investor does business this way.

JUST SAY NO! IF HE CANT GET HIS OWN MORTGAGE THEN DONT RISK IT..He is still using your money to make money....let him apply for his own loan..or maybe he has other real estate to put up for collateral