Can I take over my landlord’s mortgage payments and stay in the home since he defaulted on his payments9 months ago?

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Can I take over my landlord’s mortgage payments and stay in the home since he defaulted on his payments9 months ago?

Asked on May 20, 2011 under Real Estate Law, California

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 9 years ago | Contributor

Unfortunately, you can't do this. First of all, to take over any contract or agreement--including a mortgage--requires the consent of the parties to the agreement. Even if the landlord's consent was no longer necessary (since he was in default), the bank would have to agree to this--and banks almost never do. They almost always make people take out new mortgages, rather than taking over an old one, for various reasons relating to credit, underwriting, risk management, etc.

Second, taking over the mortgage does not give you ownership over the home, so you still wouldn't own the house--you'd in essence be making payments on yoiur landlord's behalf, for his home. The landlord would have to transfer the home to you. (Even if he defaulted, he still owns it.)

What you might try is this--discuss the situation with the bank and express your interest in the home. It might be possible to arrange so that if you buy it at the foreclosure sale, the bank will give you a mortgage for it.


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