Take over payments (tenant, credit score, lender, house)
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IF I have a mortgage on a home I am renting, and i just want to get rid of it. I dont want to be a homeowner right now anymore, is there a way to do take over payments and that the tenant be responsible for the mortgage, the property taxes, hoa fees and everything else???? Even if I dont profit anything and probably wouldnt in this economy. But piece of mind is far more valuable than assets. You can't put a price on that.
I know you can do that with other items but dont know if you can with a home. Just curious. My tenant loves the home but due to her credit and not being in her profession long the banks will not give her a loan. I am to the point where I would just give it back to the bank. Some have said the american dream is home ownership, but honestly I dont feel that. The house i own is gorgeous, but I have no attatchment to it and I want to get rid of it, the tenant is currently living there.
I thought about rent to own but that is too complicated.
The only way to do it would be to have a lawyer draw up the transfer to the tenant. You may have to keep it in your name until the tenant gets enough credit to buy it. A lawyer is the only way you will get a good answer. Make sure you get a real estate lawyer.
IF I have a mortgage on a home I am renting, and i just want to get rid of it. I dont want to be a homeowner right now anymore, is there a way to do take over payments and that the tenant be responsible for the mortgage, the property taxes, hoa fees and everything else???? Even if I dont profit anything and probably wouldnt in this economy. But piece of mind is far more valuable than assets. You can't put a price on that.
I know you can do that with other items but dont know if you can with a home. Just curious. My tenant loves the home but due to her credit and not being in her profession long the banks will not give her a loan. I am to the point where I would just give it back to the bank. Some have said the american dream is home ownership, but honestly I dont feel that. The house i own is gorgeous, but I have no attatchment to it and I want to get rid of it, the tenant is currently living there.
I thought about rent to own but that is too complicated.
Sorry but I can't follow people anymore...you signed the papers and now your play tool is not fun anymore so you want to get rid of it...
I hope lenders will go after owners for the difference because the rest of us is doing the right thing and also are under water or lost money on paper just like you...ON paper you lost money but if you wait it can come back!
if you don't wait then the consequences are for you and just like for anybody else...I don't care if you have to pay taxes on the difference and/or your credit score will be shot....
Sorry but I can't follow people anymore...you signed the papers and now your play tool is not fun anymore so you want to get rid of it...
I hope lenders will go after owners for the difference because the rest of us is doing the right thing and also are under water or lost money on paper just like you...ON paper you lost money but if you wait it can come back!
if you don't wait then the consequences are for you and just like for anybody else...I don't care if you have to pay taxes on the difference and/or your credit score will be shot....
They will pay. A 1099 is sent to the IRS declaring that difference as an income and they are taxed on it. Lenders are also suing for the difference as well...and they should be.
Buyers willing signed for loans that they KNEW they couldn't afford and they now they are crying that the lenders duped them.
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