Taking Over Someones Mortgage Payments – Dos & Don’ts

Taking Over Someones Mortgage Payments – Dos & Donts

Anyone can sell you a mortgage; GVCP will show you how to use it effectively!

When you are taking over some ones mortgage payments we pride ourselves in offering great mortgage strategies and solutions to you, and then helping you pick the best mortgage product to suit your needs.

While you are considering the purchase of a new home or exploring new financing on your current home, you should not do anything that will have an adverse effect on your loan from this point through the rest of the process.

Given below are the Do’s and Don’ts’ of taking over some ones mortgage payments:

DO the Following:

  • Get preapproved.
  • Establish a reasonable post-purchase budget & savings.
  • Stay current on all your existing bills like rent, credit cards, car payments and other accounts.
  • Keep credit card balances at less than 40% of available credit limit.
  • Gather all necessary documents.
  • Remain with the same employers with a viable income.
  • Call your lender with questions or information about a change in your finances or lifestyle such as marriage.
  • Liquidate your assets for the down payment and closing costs two weeks before your closing on your home.
  • Validate who is providing gift funds; funds need to be wired to the Elevations account two weeks prior to closing on your home.

Know your homeowner’s insurance agent’s name and phone number. Be prepared to have the policy in place two weeks before closing on your home. You do not begin to pay any insurance premium until you own the home; however, you must have the insurance policy in place two weeks prior to the purchase of your home.

DON’T do the following when taking over some ones Mortgage Payments:

  • Don’t make major purchases (cars, furniture, campers & boats).
  • Don’t open new credit cards, transfer balances or set up any deferred payment plans.
  • Don’t rectify charge offs or pay on collections unless advised to do so by your lender.
  • Don’t close accounts, consolidate or increase debt.
  • Don’t overdraw your accounts and avoid NSF checks.
  • Don’t change jobs or companies prior to closing date.
  • Don’t give notice to your landlord until everything is approved.

Documentation Checklist when taking over some ones Mortgage Payments:

  • Estimated property value and loan amount sought.
  • Birth date and social security number for each borrower.
  • Address history for the last 2 years Two years of employment history, including addresses and phone numbers for each borrower.
  • Current income for each borrower including most recent pay stubs (past 30 days) W-2 for each of the past two years.
  • If self-employed or commission income – please provide tax returns, including and 1099 forms, schedules and taxes from businesses you own, for last 2 years Bank statements (all pages) for last 2 months of the account that your down payment is coming Homeowners insurance agent information, name and phone number.
  • Documents showing your credit report letters of explanation for cash out, late payments, credit issues and employment gaps (last 2 years) and all debts, especially those not included.
  • Divorce decree(s) if applicable canceled checks for child support/alimony if applicable if utilizing non-wage income, proof of receipt (award letter) and continuance.

Bankruptcy documents if applicable Rental/lease agreements for investment properties.

Taking over someone’s mortgage payments isn’t something that most people are aware of and isn’t something that most people would consider in today’s challenging real estate market with many owners who bought in recent years owing more than what they could sell for now.  If you are considering taking over someone’s mortgage payments, there are do’s and don’ts that you should be aware of.

Our Company, GVCPS, is a Real Estate Investment Company that specializes in taking over mortgage payments and the property associated with it in Vancouver, BC, the Lower Mainland and Fraser Valley, BC.

Listed Below are the Do’s of Taking Over Someone’s Mortgage Payments:

  • Ensure that the mortgage holder provides you will all legal documents relating to the mortgage including; the mortgage balance, interest rate and mortgage term renewal
  • Research the current market value of the property and establish a purchase price upfront that is reasonable in relation to the amount of the mortgage payment that you are taking over
  • Ensure that you have enough funds in reserve to make the mortgage payments in the event that you experience unforeseen financial circumstances that may impact your ability to make regular mortgage payments to ensure that you honor your agreement with the mortgage holder
  • Ensure to have your lawyer create a legal contact that covers all of the terms and conditions of the transaction

Listed Below are the Don’ts of Taking Over Someone’s Mortgage Payments:

  • Don’t take over someone’s mortgage payments if their lender will not renew their next mortgage term due to the mortgage holder missing too many previous mortgage payments
  • Some people’s mortgage payments are extremely high if they were unable to qualify for a low interest rate. Don’t take over someone’s mortgage payment that will leave you with cash flow difficulties at the end of each month.
  • If you are experiencing financial difficulties, don’t stop paying the mortgage payment altogether and don’t ignore your contractual obligations with the mortgage holder. If you are experiencing difficulty making the mortgage payment, it’s important for you to take quick action to find a solution and avoid potentially getting sued for damages by the mortgage holder

We specialize in taking over mortgage payments and the property associated with it. We provide flexible, pre-negotiated Terms that can give you the best value for your property and can provide you with more money with none of the hassles normally involved in selling.

We provide you with immediate monthly cash flow management solutions to unmanageable or unwanted mortgage payments along with protecting any equity you may have in the property and protecting your credit. Contact us for free consultation: 604-812-3718 or gvcps.ca

Taking over some ones Mortgage payments has not been something most people would consider in today’s market, with many owners who bought in recent years owing more than what they could sell it for now.  But if you are considering taking over someone Mortgage payments then GVCP will show you how to use it effectively.

Given Below Are The Dos Of Taking Over Someone’s Mortgage Payments:

  • Establish a reasonable post-purchase budget & savings.
  • Stay current on all your existing bills like rent, credit cards, car payments, and other accounts.
  • Gather all necessary documents.
  • Liquidate your assets for the down payment and closing costs two weeks before your closing on your home

DON’T Do The Following When Taking Over Someone’s Mortgage Payments:

  • Don’t make major purchases (cars, furniture, campers & boats).
  • Unless advised to do so by your lenders don’t rectify charge-offs or pay on collections.
  • Don’t give notice to your landlord until everything is approved.
GVCPS We Take Over Mortgage
kristen@gvcps.ca

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 creative and innovative techniques to purchase property from people who need relief from their mortgage or real estate situation for any reason but cannot sell through traditional means.

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