Legal Question in Real Estate Law in Georgia

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?

Asked on 7/24/13, 2:30 am

2 Answers from Attorneys

Glen Ashman Ashman Law Office also dba Glen Ashman Attorney

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.

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Answered on 7/24/13, 2:36 am
Scott Riddle Law Office of Scott B. Riddle, LLC

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.

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Answered on 7/24/13, 2:41 am

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