Q: What kind of document do I need?
A friend of mine agree to take out a mortgage loan for a house for me and I agreed to pay for it, which I am. I feel that I need something to make sure that in the event that he dies that his children don't take the house that I been paying for all this time. Wills can be changed so I don't think that will work. I am still making mortgage payments to the bank for the house. I have recently started having the bank to take the money from my account to pay the mortgage so I at least have some sort of record.
A:
This is pretty deep water here. First, you should know that making a deal to sell a house that is mortgaged to a bank will likely invoke a clause in the original mortgage that accelerates the mortgage -- that is -- makes it all due at once. Otherwise, if you get permission from the bank, you should make sure that you have a contract for sale and a vendor's lien deed to the house so that you own the house and the person who supplies the money only has a lien on the house. Don't do this kind of thing with a piece of notebook paper or something you poached off the internet. Get a lawyer to help you understand what your liabilities are here.
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