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Frank,
Is this just paying off the mortgage? How different is buying the mortgage
vs paying off the mortgage?
jv
"Frank-Z" <FZ@whoknows45321.lhs> wrote in message
news:BIydnd69YJP1Tl_eRVn-tg@comcast.com...
> 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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Re: How can I buy a mortgage from a mortgage company?
