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This is really just a hypothetical question, but I'm posting it after
reading a post in the misc.legal newsgroup ("Is it possible to get court
order for possession?" 01/08/06). The posting was about a co-signer on a
car loan, but I wonder how the same scenario might work in the case of a
co-signer on a mortgage.
Here's the hypothetical:
I buy a house with my wife, and we get a mortgage which we both sign. Later
we separate and get divorced (no kids involved). In dividing up the assets,
I quitclaim my ownership interest in the house to my ex-wife with the
understanding that she will live in the house and make the mortgage
payments. She stops making the mortgage payments, but refuses to transfer
the property back to me, and continues to live there without any mortgage
payments. I think I'm stuck with the option of either continuing to make
the mortgage payments on my own to protect my credit rating, or let the
mortgage company foreclose on the mortgage, which will ruin my credit and
may subject me to paying a deficiency judgment.
Meanwhile, I get the bright idea from a newsgroup on the internet that maybe
I can just buy the mortgage from the mortgage company, have my ex-wife then
obligated to make the mortgage payments to me, and when she doesn't pay I
foreclose and get the property back.
By "buy the mortgage from the mortgage company", I mean the mortgage company
sells the mortgage to me and records an Assignment of Mortgage showing that
I'm now the mortgagee.
Of course, I'd need to have enough money to give to the mortgage company
to assign the mortgage to me, but I do not want the mortgage to be paid off
so no "Satisfaction of Mortgage" would be recorded.
Anyone have any ideas or clues about "how" or "if" that could be made to
happen? I know mortgage companies are not in the habit of selling one
individual mortgage to someone, but does that seem reasonably possible to
arrange?
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How can I buy a mortgage from a mortgage company?
