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Posted by Frank-Z on January 18, 2006, 10:43 am
Please log in for more thread options Sorry, I missed your reply before today.
I don't know if this is true, but my thinking is that the mortgage company
would be assigning the rights to collect on the mortgage. And the present
mortgage company wants to make a profit on the mortgage they have. So, I am
assuming that they would assign the mortgage to someone else for some price
(say $10,000) which amounts to more than they would make in profit on the
mortgage if they continued to try to collect it on their own. It's possible
they would require the Assignee to post some additional collateral to secure
the assignment, but I don't know about that. That's partly why I posted
here -- to see if anything can clue me in on how this might work in the real
world.
As far as paying off the mortgage -- that wouldn't work because the person
doing the payoff wouldn't own the property and would have just removed the
mortgage lien on the property for the person who is still living there and
not paying. What the assignee really wants is to not have his credit ruined
by the first person not paying the mortgage, and to be able to foreclose and
gain ownership of the property if the person living in the property
continues to refuse to pay the mortgage.
> Frank,
>
> Is this just paying off the mortgage? How different is buying the
mortgage
> vs paying off the mortgage?
>
> jv
>
>
> > This is really just a hypothetical question, but I am 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 am 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 am now the mortgagee.
> >
> > Of course, I would need to have enough money to give to the mortgage
> > company
> > to assign the mortgage to me, but I don't 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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