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    lillypug's Avatar
    lillypug Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Jun 3, 2009, 11:58 AM
    I want my daughter and her husband to buy my home but they can't get a mortgage
    How can I sell them the house without a mortgage I still owe 86,00 on the house and
    Have 13 years left on my mortgage. I want to sell the house to them but they don't
    Want to go through a traditional mortgage what can we do
    Perito's Avatar
    Perito Posts: 3,139, Reputation: 150
    Ultra Member
    		  
    #2

    Jun 3, 2009, 12:03 PM

    If they can find some way to pay you, they don't need to take out a mortgage. If you're going to finance the mortgage (land contract would be the usual term for this), then either you or they need to come up with enough money to pay off your mortgage. Once your mortgage is paid off, your can sell your property any way you want.

    If sounds to me like they have no credit and you owe $86,000 on your house. If it were my situation, I wouldn't sell them the house unless they can get their own funding. I wouldn't fund them.
    Justwantfair's Avatar
    Justwantfair Posts: 3,422, Reputation: 944
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    #3

    Jun 3, 2009, 12:03 PM

    You can keep the mortgage in your name and 'rent' them the house for the monthly mortgage.
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