Taking Over Someone’s Mortgage Payments? The Do’s & Dont’s

Anyone can sell you a mortgage; We can show you how to use your mortgage effectively to your financial advantage even if you are having difficulty paying your mortgage payments or have negative equity in the property.

Are you experiencing difficulty making your mortgage payments each month, experiencing difficulty selling your property or do you just want out of your real estate situation for any reason? Our Company, GVCPS, is a well-established Real Estate Investing Company that specializes in taking over mortgage payments and the property associated with the mortgage.

We take over mortgage payments for houses, townhomes and condos in any situation, in any condition and in any location of Vancouver, BC, the Lower Mainland and the Fraser Valley, BC. Our goal is to provide you with immediate financial relief and peace of mind regarding your real estate situation when we  take over your mortgage payments and the property associated wit the mortgage.

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. 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.

Are You Thinking About Taking Over Someone’s Mortgage Payments?

If you are planning on taking over someone’s mortgage payments, it is recommended that you seek the counsel of a mortgage professional or a legal adviser first.

There are many advantages of taking over someone’s mortgage payments, however, taking over someone’s mortgage payments is a big decision to make. Going about it the wrong way can prove costly in the long run that may affect your ability to borrow in the future.

The Do’s and Don’ts of Taking Over Someone’s Mortgage PaymentsDO the Following:

  • Prior to taking over someone’s mortgage payments, seek counsel from a professional mortgage consultant at a Real Estate Company or a legal advisor
  • Before you make the commitment to take over someone’s mortgage payments, ensure that you are financially capable of taking on this extra monthly expense, especially if this will be a long-term arrangement
  • Ensure that there is a legal agreement in place between you and the person(s) who owns the mortgage debt and the person(s) who are registered on the property title that clearly outlines all of the terms and conditions that you and the other party(ies) have agreed to
  • Verify through the mortgage and property title documentation who all persons are that are registered on both the mortgage loan and the property title

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

  • Don’t pay the person who owns the mortgage debt directly. Pay the mortgage lender directly to ensure that the mortgage payments are being applied to the mortgage loan each month
  • Don’t take over mortgage payments from someone who has an outstanding judgement or any other charge registered against them on the property title if this will affect the amount of funds you are to receive when the property sells
  • If there is more than one person on the mortgage loan or property title, don’t execute an agreement to take over someone’s payments with only 1 of the parties. Ensure that all parties on the mortgage loan and property title agree to you taking over the mortgage payments and ensure that all parties execute the legal agreement with you

If You Are Taking Over Someone’s Mortgage Payments, Your Documentation Checklist Should Include:

  • The executed legal agreement between you and the person(s) who owns the mortgage debt and the person(s) on property title
  • Up to date contact information of the person(s) who owns the mortgage debt and person(s) registered on the property title
  • The mortgage lender’s contact information
  • A copy of the mortgage loan
  • A copy of the property title
  • Any current tenancy agreement that is in place for the property

Taking over someone’s mortgage payments isn’t something that most people are aware of and isn’t something that most people would consider.  Many owners who bought or refinanced in recent years, owe more than what they could sell the property for now.  If you are considering taking over someone’s mortgage payments, there are many do’s and don’ts that you should be aware of.

If You Are Taking Over Someone’s Mortgage Payments, You Should Also Ensure the Following:

  • Confirm all of the details of the legal documents relating to the mortgage including; the mortgage balance, interest rate and mortgage term renewal
  • Ensure that you have enough funds on reserve to make the mortgage payments in the event that you experience unforeseen financial difficulty that may impact your ability to make regular mortgage payments in the future
  • Ensure that your lawyer covers all of the terms and conditions of the transaction in the case of default and the remedy that will be available to each party

If You Are Taking Over Someone’s Mortgage Payments, You Should Not Do the Following:

  • 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 debt holder. If you are experiencing difficulty making the mortgage payment, it’s important for you to take quick action to find a solution.

If You Are Taking Over Someone’s Mortgage Payments, You Should Also Keep In Mind That:

  • There are a number of steps that you can take to help someone with their mortgage payments in a way that protects both of your interests in the property
  • You should seek the counsel of a mortgage professional or a legal adviser before you take over someone’s mortgage payments

Mortgage Payment Difficulties and Taking Over Someone’s Mortgage Payments:

If you are having difficulty paying your mortgage payments, it’s important for you to take quick action. With early intervention, you will have more options available to you to find a solution to your mortgage payment difficulties.

Along with our affiliated Companies, we have been operating for 25 years providing professional solutions to people who are experiencing difficulty paying their mortgage payments each month, people who are experiencing difficulty selling their property through traditional methods and people who require relief from their property situation for any reason.

When we take over mortgage payments and the house, townhome or condo associated with the mortgage, we do not charge any real estate commissions, providing you with more money with none of the hassles normally involved in selling.

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