Can you sell a reverse mortgage and still... - Free Foreclosure Help - Loan Modification Help

DJ19 · #1 (**permalink**) 07-30-2007, 03:09 PM

...have your name on the loan? Can the title be in someone else's name? Some retired lady, wants me to give her $30K and I keep paying her mortgage of $850. It's a good price for the area, but can it be done? Is there anything I should do (besides leaving) to protect myself, I don't have an agent or anything, should I get a lawyer? Please answer any and all questions you can!

Thanks

ZinaRae · #2 (**permalink**) 07-31-2007, 12:07 AM

If she owns the property free and clear you'd file a lien and then the title would become a trust deed with you as the lien holder. But you'd still have to comply with truth in lending. If she defaults, or you fail to make the payments she could sue your pants off for breach of contract. If you stand "second", which I think this is the case, then you'd better be very careful. Depending on the mortgage you could be left out in the cold if the first files a default before you do.

877YouKeep · #3 (**permalink**) 07-31-2007, 01:12 AM

I really do not understand the question. So you are going to give her money, and she is going to sign title over to you (check your state laws). Then you will pay her $850.00 per month? Where does the reverse mortgage come in? Are you creating the note? Is there a reverse mortgage in place, which from my understanding are regulated by the government. Please respond so I can better understand your question.

Corey1023 · #4 (**permalink**) 07-31-2007, 10:38 AM

Yeah I'm with Don here, I don't get it. A reverse mortgage wouldn't have a payment. The circumstances are strange. If you are simply giving her 30K of equity and she is carrying financing for you, where you cover her payment, thats pretty strait forward. You just have to ensure you don't trigger the Due on Sale Clause, but most banks don't trigger them if they are getting paid on time.

Having said that, Id never ever go out of my way to inform them. Just quietly keep making the payment. Keep in the back of your mind that if you ever do get a notice that they are triggering the clause that you will need to get alternative financing in place.

If this is not whats happening....ya got me.