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    rleahk's Avatar
    rleahk Posts: 8, Reputation: 1
    New Member
    		  
    #1

    Jul 30, 2013, 07:02 AM
    Paying off a mortgage with "rent to own" option
    I recently got a loan to buy a second home. I am currently still paying a mortgage for my first home. I am not able to sell it land contract (mortgage company says that if I do I have to pay the loan off in full). So I need to know how to go about renting with option to buy.
    JudyKayTee's Avatar
    JudyKayTee Posts: 46,503, Reputation: 4600
    Uber Member
    		  
    #2

    Jul 30, 2013, 07:17 AM
    [Steps 1, 2 and 3 - ask an Attorney, ask an Attorney, ask an Attorney, someone familiar with your State's laws. This could be a very bad move.
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
    Computer Expert and Renaissance Man
    		  
    #3

    Jul 30, 2013, 07:37 AM
    I'm confused. A mortgage is a note secured by an asset, generally real estate. If you are purchasing property on a land contract, then its not a mortgage. Or, are you trying to sell the first home? You are very unclear about that.

    If you want to sell the first home on a land contract, the mortgage holder usually has no say in the matter, because you are not transferring ownership until the contract has been paid.

    If you do find a buyer, get an attorney to draw up the contract.
    joypulv's Avatar
    joypulv Posts: 21,591, Reputation: 2941
    current pert
    		  
    #4

    Jul 30, 2013, 07:41 AM
    Clearly you are confused about all of this, and therefore shouldn't do any of it.
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
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    #5

    Jul 30, 2013, 11:38 PM
    If you own it and has a mortgage, why are you asking them permission, a land contact is not selling, it is not sold, till last payment is made.

    You do not need permission of lender for land contacts ( unless it is specially listed) again, you have to, to "sell" property. Sounds like you are asking too many people and telling too much.

    Of course they don't want this, but this is common and how most contacts for deed are done

    You get real estate attorney to handle all of this.
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