If a home is being auctioned in the near future, can someone take over the mortgage payments and any back taxes so the home not go to auction?

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If a home is being auctioned in the near future, can someone take over the mortgage payments and any back taxes so the home not go to auction?

Asked on October 20, 2011 under Real Estate Law, Kentucky

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 10 years ago | Contributor

Anyone can *pay* the mortgage payments and taxes for you--banks and towns don't care whose name is on the check. That is a voluntary choice to pay for you, and you and they could even have a contract or agreement between you that will give them rights: e.g. that you will repay the money after some time; that they can live in the home as long as they pay these things; that after some period of time, you will sell them the home for a certain price, if they meet their obligations; etc.

They cannot actually get on the tax roll instead of you unless you transfer the home to them in some way. They cannot take over or assume the mortgage with bank agreement. If you have someone interested in doing this, you and they should consult with a real estate attorney; decide what the goals are (do they buy they house, now or later; do you repay the money over time, and if you can't, the could possible--subject to the existing mortgage--foreclose [i.e. you'd be taking a private mortgage from them, and using the money to pay existing obligations]; etc.). The lawyer can help you structure the transaction to accomplish what you and the other party want to do.


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