Legal Question in Real Estate Law in Texas
Payoff mother's mortgage and become her lender?
I'd like to know the exact steps necessary to payoff my mother's mortgage and become her lender. I'm looking for the easiest and cheapest solution. In other words, I won't to avoid closing costs like title insurance, appraisals, etc. Thanks!
2 Answers from Attorneys
Re: Payoff mother's mortgage and become her lender?
It is doubtful that the lender will accept a discount to purchase your mother's note unless the note is in default or the lender is in distress and needs the money. When I handle a transaction such as this, my typical charge is $250.00 to process the payoff, prepare the assignment of the old lien to you, draw your loan documents, and record your Deed of Trust. If you do not have another attorney, I will be glad to be of assistance 214-750-0606.
Re: Payoff mother's mortgage and become her lender?
Contact the owner and holder of the note (the company receiving the payments will know who they are) and offer to purchase the mortgage at a discount. You are looking to purchase the mortgage and obtain a transfer of the lien. The lender might not be willing to sell at a discount, but I would ask.
http://www.reasonable-doubt.com
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