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January 2008
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March 2008

Jim, I Am Behind On My Mortgage. I Have Had A Person Approach Me Interested In Taking Over My Payments, Is That Possible Or A Good Idea?

I would probably not allow someone to take over your payments unless you have absolutely no way to sell the property and are facing imminent foreclosure. It is possible to sign away your rights on a property(executing a quit claim deed) and leave someone with the obligation of making your ongoing mortgage payment. This is known as selling “subject to” the existing mortgage. There has been much written on subject to real estate transactions. A common practice is for the subject to buyer to make your back payments and then agree to make the payments going forward. This is usually... Read more →