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Ive inherited a mobile home in Maine. Id like to assume the…

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I've inherited a mobile home...
I've inherited a mobile home in Maine. I'd like to assume the existing mortgage, then sell the property to the current tenent. How can I do a private mortgage to him, and use the proceeds from his payments to pay the existing loan? The property was purchased 4 years ago for $114k. $84k is owed, but current market conditions say that I'd struggle to break even with a cash sale. Current tenent will sign a P/S for $99,000 if I can hold the mortgage. How can I keep the original terms in place and collect a higher monthly amount from him, and use his payments to pay off existing note?
Submitted: 8 years ago.Category: Finance
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Answered in 20 hours by:
6/27/2010
Financial Professional: Eric, Financial Manager replied 8 years ago
Eric
Eric, Financial Manager
Category: Finance
Satisfied Customers: 559
Experience: Loan servicing, counseling and real estate expert. Foreclosure Expert and Financial Planner.
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I appreciate the opportunity to help!

Assuming the mortgage may not be possible unless you can qualify yourself and the present lender can even do it. You should start by contacting them and providing a death certificate and see if you can take it over.

You can write up a mortgage contract and set up all the terms as stated, but it's going to be more like a lease option to buy. AND your terms will have to be subject to the existing first mortgage. Essentially what you're describing is not an actual purchase unless they're able to get their own financing and you were not in the picture. Now, you could absolutely do that if the home was free and clear. Basically, you can draw up the deal and sign it and abide by it. You just cannot record the lien.

From his perspective, it can be a purchase, but from yours, its a lease.

It can get tricky down the road and especially if the present lender would have an issues with it and or pmts go in default for any reason. Anyway...you may want a clause in there that you expect them to get their own financing at some point. The problem with all this for the buyer, is it does not establish any credit for them.

 

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