I live in Georgia and I want to buy someones house who has negative equity and I want to offer them a Mortgage Payment Assignment. Where I take over their mortgage payments and leave the mortgage in their name, what kind of deed do I need for them to sign and is this legal?
2 Answers from Attorneys
No it's not legal. Read the mortgage, which will have a due on sale clause, meaning the lender can foreclose unless they approve you assuming the loan. Rethink your plans.
What you describe is exactly the method whereby criminals defraud people out of their homes and money. Whatever your intentions, you probably should find a new plan.