OfflineHey D/Grs
A real shout out to evryone, first thanks to all who i learn so much from. I have a family member ready to walk away from there home, they ar3e just about ready to receive there NOD- i want for them to sign over the home to me - can i just use a standard R.E. purchase Cont./or is this like something in the way of an "in deed of lieu" can a D/G family member HELPMEWIN ???
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1. If you plan to use the existing financing you'll need to bring the current mortgage up to date.
2. Use an attorney or title company to draw up a private note including all terms on the current mortgage note.
3. Keep home owners insurance policy in place and add your name under a section called ADDITIONAL NAMES INSURED. That way you don't have to cancel the current policy, thereby notifying the lender that something has changed. Just keep the current policy, then add your name to it so you can make a claim if necessary.
4. Make sure you're making regular payments to the lender to ensure all monies are applied correctly.
Good Luck!
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