2nd Mortgage: 12 Answers to the Questions You Should Be Asking
The 2nd mortgage is a complex, but very useful, real estate tool. The 2nd mortgage is a useful tool that can greatly extend the financial options of a person with equity in a piece of real estate. However, the responsibilities of this kind of a loan are equally as large. You must understand the risks and the advantages of the 2nd mortgage fully before committing yourself to it. Here are some answers to top questions that you should be asking.
Take Over House Payments: How to Assume the Mortgage for a Family Member
Make sure that you keep everything in writing when forming an agreement to take over a relative's mortgage payment. If you are looking to take over house payments from a relative, you need to have all of your ducks in a row. If you can make a deal work, then you can save many costs that would otherwise eat up your budget. Here are the steps to assume the mortgage for a family member.