Taking Over Someone’s Mortgage Payments? Consult With An Expert

 

People often come to us asking if they can “take over a mortgage loan” or “remove someone from the mortgage loan.” However, most people who request this, want to alter the underlying mortgage loan documents and change the ownership status of the mortgage loan.

To do this, the mortgage loan has to be an assumable mortgage and you have to be approved for a mortgage assumption by the lender who holds the loan. You have to submit a mortgage assumption application to the mortgage lender and the lender has to review your application and approve it – the assumption process is very similar to the process required to apply for your own mortgage.

Is taking over someone’s mortgage payments an option without having to go through the mortgage assumption process with the lender?

Yes, you can take over someone’s mortgage payments without having to go through the assumption process. You don’t need to disclose this to the lender either. As long as the mortgage payments are being made and the property title hasn’t changed, the lender is happy.

It is recommended that you seek the counsel of a mortgage professional or a legal adviser before you take over someone’s mortgage payments as there are a number of steps that you can take to help someone with their mortgage in a way that protects both of your interests in the property.

We provide immediate monthly cash flow management solutions to people who are facing unmanageable or unwanted mortgage payments along with protecting any equity you may have in the property and protecting your credit. We take over house payments and the house and we provide our client’s with more money with none of the hassles normally involved in selling.

Our Company, GVC Property Solutions Inc. (GVCPS), is a well-established Real Estate Investment Company that specializes in taking over mortgage payments and the house, townhome or condo associated with the mortgage. We offer the best value for residential properties that are any condition, any situation, any price range and in any location of Vancouver, BC, the Lower Mainland and the Fraser Valley, BC.

Can I just take over the mortgage title if I am taking over someone’s mortgage payments?

Not generally. The reason is that a lender can’t simply approve a home loan that does not have property or security attached to it. You also need to take into consideration that some lenders require that all persons who are on the mortgage title to also be registered on the property title as well.

The only exception to this rule is if the loan is an “assumable” mortgage by the lender’s definition and you will have to go through the mortgage assumption process and be approved by the lender as discussed earlier in this article.

If you know of someone who is experiencing unmanageable or unwanted mortgage payments and can’t make their mortgage payments for a house, townhome or condo, contact us to discuss the solutions that we can provide to their situation.  We provide Free consultation to discuss the different options that are available and we do not charge any fees or real estate commissions. Office: 604-812-3718 Email: info@gvcps.ca 

Can I be added to the mortgage title?

Yes, however, this step is not mandatory if you are taking over someone’s mortgage payments.

You can be added to the mortgage title as long as the lender and all persons who are currently on the mortgage title agree to it, however, depending on your agreement with the person who’s mortgage payments you are taking over, you are taking on part responsibility for the mortgage and if you are not registered on the property title, you will not be entitled to receive any money if the registered owner sold the property, unless this is stated in your legal agreement with the registered owner(s) of the property.

Ensure You Know How to Take Over Someone’s Mortgage Payments Legally

There are many advantages of taking over someone’s mortgage payments, however, taking over someone’s mortgage payments is a big decision to make. If you are taking over someone”s mortgage payments, it is advisable that you first seek independent legal advice.

Going about it the wrong way can prove costly in the long run with future legal disputes that may affect your ability to borrow in the future and putting you under financial and emotional strain if you already have your own home that you are making mortgage payments on.

If you know someone who is having difficulties making their mortgage payments each month, it is important that they first speak to a mortgage professional or their mortgage lender to see if they can provide any solutions. After that, speaking to a financial advisor and a solicitor about any other possible solutions may be necessary depending on the situation.

We understand the stress and hassles that people face when they are experiencing unmanageable or unwanted mortgage payments, experiencing difficulty selling their property through traditional methods or when someone just wants out of their property situation for any reason. We specialize in buying properties that are difficult to sell quickly and we specialize in taking over mortgage payments and the house, townhome or condo associated with the mortgage. Contact us to discuss the different options that are available to your situation. 

We Buy Any House, We Buy Houses, We Are House Buyers – GVCPS

We buy any house and to keep things simple, we can’t put it any more simply than this:

We buy houses in any situation, in any price range, in any condition and in any location of Vancouver, BC, the Lower Mainland and the Fraser Valley, BC. Regardless of the age, size, condition or location of the property, we buy houses quickly and privately including townhomes and condos.

We offer a professional and discrete house selling solution. We know the stress and hassles that you face when you cannot pay your mortgage payments, when you need to sell your house but cannot sell through traditional methods or when you just want out of your situation for any reason. Contact us to discuss the solutions that we can provide to your situation. We are a well-established Real Estate Investment Company that buys houses quickly. We provide Free consultation to discuss the different options that are available to you. Office: 604-812-3718 Email: info@gvcps.ca 

As soon as you have contacted us to sell your house, we will perform our due diligence on the house, townhome or condo. Shortly after receiving all of the necessary information that we require in regards to the property and after viewing the property, we will provide you with a written offer to buy your house, townhome or condo.

We are a “We Buy Any House Real Estate Investment Company”.

Selling through traditional methods on MLS can take a few weeks or more to prepare the property for evaluation from a realtor and get the property ready for showing plus another several weeks or months of semi-interested buyers looking through the property without making any offers. In situations like this, it may seem like the property will never sell. This uncertainty can cause alot of pressure and this pressure can leave you in a vulnerable mind set, perhaps causing you to miscalculate and make decisions that may negatively effect you emotionally and financially.

Selling your house to our Company does not involve a realtor and we do not charge real estate fees or commissions. We utilize our own funds to buy properties and we do not need to go through the mortgage qualifying process. Our Company performs hassle free, straight-forward purchase transactions to buy your house, townhome or condo.

Selling a property is not an easy process and we understand the financial stress and other difficulties that you face In today’s challenging real estate market. We buy your house quickly and directly without having to involve real estate agents, bank financing and there are no repairs or upgrades required on your end. We buy houses, townhomes and condos as-is in Vancouver, BC, the Lower Mainland and the Fraser Valley, BC.

We Buy Any Home, We Buy Homes, We Are Home Buyers – GVCPS

Our Company, GVC Property Solutions Inc. (GVCPS), is a well established Real Estate Investment Company that is part of a large network of real estate professionals who specialize in buying houses, townhomes and condos quickly from people who need relief from their mortgage or real estate situation for any reason but cannot or do not want to sell through traditional means.

Along with our affiliated Companies, we have been operating for 25 years, buying residential property. We are a “We Buy Any Home Real Estate Investment Company”. We buy: houses, duplexes, townhomes, condos and multi-family development projects that are in any price range, any condition, in any situation and in any location of Vancouver BC, the Lower Mainland, and Fraser Valley BC.

You do not need to spend time and money on repairs or upgrades when we buy your house, townhome or condo. We will buy any home that is in any condition. Even if the property requires extensive repairs, we buy any home “as-is”.

We buy any home in any situation regardless of the real estate market. If you are facing one or more of the common following difficulties, contact us to discuss buying your house, condo or townhome:

• The property requires extensive repair that you do not have time or money for
• You need relief from your mortgage or property situation for any reason
• You have a house that is too costly to maintain
• You have a house that is too stressful to manage
• You are tired of being a landlord and dealing with landlord tenant disputes, tenancy issues and tenant problems
• You are having difficulty making your mortgage payments each month
• You are making payments on two or more properties
• Financial stress that requires an immediate sale of your property
• You have minimal equity but need to sell now
• You are facing PRE foreclosure
• You want to avoid bankruptcy or a consumer proposal
• Your mortgage is higher than the property value
• You need an immediate and flexible sale due to a job transfer or for any other reason
• Your property has been listed with a realtor for many months and hasn’t sold
• You are an out of town owner and you don’t want to be a long distance landlord
• You just want out of your situation now

We are a “We Buy Any Home” Real Estate Investment Company that also specializes in providing immediate monthly cash flow management solutions to unmanageable or unwanted mortgage payments that protects any equity you may have in the property and protects your credit. We can provide you with a quick and hassle-free solution to your real estate situation, no matter what your circumstances are.

Our job is to provide you with immediate financial relief and peace of mind regarding your real estate situation. We have handled hundreds of purchase situations, helping clients facilitate a non-stressful real estate transaction that benefit all parties involved.

We know that when you are in a difficult real estate situation, you need a quick solution. Sell your house for cash or terms, fast and privately to us. We provide you with a confidential solution to your real estate issue. Regardless of your circumstance, we buy houses, townhomes and condos quickly.

We buy any home without having to involve real estate agents, bank financing, repairs on your end or a long list of potential buyers – we are your Buyer. We buy any home in as-is condition in any location of Vancouver BC, the Lower Mainland, and Fraser Valley BC.