Quote:
Originally Posted by gleem
if it is transferrable, how do I structure the deal so I don't go upside down in the property without leaving him owing alot of money,.
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How would he owe a lot of money if you assumed the mortgage? His name comes off the mortgage and yours goes on it. He has no further interest in the property nor debt on the property as you are taking it over. If it is not assumable take out a mortgage equal to paying his off and take over the property since he is ready to just walk away from it.
The one deal breaker is that he may have a prepayment penalty on his mortgage. 2 years has passed so that may have dropped off but i have seen some people stuck with prepayment penalties for paying off their mortgage before 5 years is up which is nuts and a rip off.