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I am in Georgia and looking to take over mortgage payments…

I am in Georgia...

I am in Georgia and looking to take over mortgage payments for a friend. the mortgage is staying in friends name I am giving them a down payment what do I need to file to make this legal

Lawyer's Assistant: Because real estate law varies from place to place, can you tell me what state this is in?

Georgia.

Lawyer's Assistant: Has any paperwork been filed?

No I'm trying to figure out what needs filed and where

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Customer reply replied 4 months ago
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Answered in 23 hours by:
3/14/2018
Loren
Loren, Lawyer
Category: Real Estate Law
Satisfied Customers: 38,844
Experience: 30 years of real estate practice experience.
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Thank you for using JA. I am Loren, a licensed attorney for over 30 yrs., and I am here to help.

I am a certified expert on JustAnswer since 2009, with nearly 100% in satisfied customer ratings. So, we should be able to work through your problem.

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What is the purpose of you taking over the payments? Are you purchasing the property?

Does the lender consent?

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Customer reply replied 4 months ago
No knowledge if lender consents. I dont have good enough credit to get a loan. Eventual purchase is thr goal

You would want to file a contract for deed and record a memorandum of the agreement so that the public is on notice of your interest in the property.

The agreement should state how much you are going to pay and when you will get title, which is presumably once the loan is paid off and what ever else you are required to pay.

You will want to be careful because you are vulnerable to losing the property from prior liens and unpaid taxes, etc.

Notices are going to go to the owner, not you. So, foreclosure could come without warning.

As long as you understand that and go into this with you eyes open, you will be less likely to be blindsided.

If (and only if) you are completely satisfied that your question is answered professionally and accurately, even if not the answer you were hoping to get, please remember to leave a favorable rating (click 5 stars in the rating section on this page). It is the only way that I am credited by JustAnswer for answering your question.

There is no additional charge to you for rating me favorably.

Loren
Loren, Lawyer
Category: Real Estate Law
Satisfied Customers: 38,844
Experience: 30 years of real estate practice experience.
Verified
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Loren
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DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

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