I have a mortgage on a house, along with a Home equity loan. Can I do a land contract with my renter?
hendu2875 asked:
She wants to buy it, but can’t get a loan. She’d like do to a land contract. BUT, since i have a Mortgage, in order to do a land contract, wouldn’t i have to pay my mortage and HE off? Doesn’t the renter become the owner when the land contract is done? Which means, I’d have to pay the mortgage and HE off in order for her to have a clean title?
Philip
She wants to buy it, but can’t get a loan. She’d like do to a land contract. BUT, since i have a Mortgage, in order to do a land contract, wouldn’t i have to pay my mortage and HE off? Doesn’t the renter become the owner when the land contract is done? Which means, I’d have to pay the mortgage and HE off in order for her to have a clean title?
Philip
Tags: Home Equity Loan, Land Contract, Mortage
July 24th, 2009 at 8:54 pm
Allison
Call your bank. They will give you an answer that’s better than asking here.
July 27th, 2009 at 10:05 pm
Frances
No you cannot unless you pay back the mortgage and the HE. If you try to, you will not be able to deliver the title to the house because the mortgage etc. will be outstanding.
July 30th, 2009 at 3:50 am
Audrey
if someone you never met before approached you and asked you to buy them a new plasma tv on your credit card and they promised to give you $20 a week would you trust them ?
same deal