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(top posting)
Sorry about the late reply. I just joined the list but wanted to give some
info. I worked for a mortgage company as a payoff processor, and we did loan
assignments *every* day. One guy I knew for certain was actually an
individual who would buy and sell loans like the big dogs. He had a
corporation - fees to incorporate vary by state - and with this company
bought and sold both property and deeds as an investment activity. Now, as I
understand it (please note I'm not a mortgage broker or loan officer) the
assignment of mortgage is fairly straightforward, but you would need access
to her personal financial information, which she may or may not be willing
to give you. Then, you would have to convince the mortgage company to assign
or sell the mortgage to you. Can this be forced in the courts? I do not know.
But it's certainly intriguing.
Good luck,
-Nova
"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?
