QUESTION
Is it a good idea to have my Realtor take over my mortgage payments on a rental house?
Asked on Jan 04th, 2013 on Foreclosures - Arizona
More details to this question:
My Realtor wants to take over my mortgage payments on a rental house I have and have the house as a rental for him, the home is in foreclosure and this would stop the foreclosure. He would in effect own the home, however my name would still be on the mortgage, and would this make it unsecured? Is this a good or bad idea?
7 ANSWERS
Child Custody Attorney serving Milwaukee, WI
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Zales Law Office
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Renting your rental house to a realtor would not stop the foreclosure proceedings. This sounds suspicious to me.
Answered on Jan 10th, 2013 at 8:25 PM
Bad Idea. He cannot assume the loan under these circumstances without qualifying You are still on the hook if he stops paying (and you may not know that he stopped paying) He also may breach his fiduciary duty to you. It still is secured. It sounds like he is giving you a lot of wrong or bad info.
Answered on Jan 10th, 2013 at 8:25 PM
This is a VERY BAD idea. There is a good chance that some, if not all, of the money that you give to your agent does not make it all of the way to the lender. There is no reason to do this deal. It has FRAUD written all over it.
Answered on Jan 10th, 2013 at 8:24 PM
Business Litigation Attorney serving Orange, CA
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Law Offices of Frank Granato
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The loan remains secured. Whether it is a good idea or not is the real issue. See an attorney or a CPA to explain the consequences.
Answered on Jan 10th, 2013 at 8:23 PM
Bankruptcy Attorney serving Madison, WI
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Richard B. Jacobson & Associates, LLC
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This is a terribly unclear idea. What legally protected interest in the property does the realtor seek in return for making the payments? Is it an interest you are willing to give him or her? If a foreclosure is in process, there is probably a substantial arrearage due to the creditor; will the realtor pay that up to date? Consult a real estate lawyer before signing anything. Such arrangements have lost people their homes in the past.
Answered on Jan 10th, 2013 at 8:23 PM
Chapter 13 Bankruptcy Attorney serving Winston-Salem, NC
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Love and Dillenbeck Law
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This would not make the home unsecured and is maybe/maybe not a good idea. There are many pitfalls in this situation for both you and your realtor. You may want to sit down with a consultation with an attorney to discuss all of the pros and cons.
Answered on Jan 10th, 2013 at 8:22 PM
Bankruptcy Attorney serving Phoenix, AZ
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Law Office of D. L. Drain, P.A.
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There is insufficient information to answer your question. You need to talk to a competent foreclosure attorney in the state where the property is located.
Answered on Jan 10th, 2013 at 8:22 PM