Q: How can I take over a mortgage?
My father and I were advised he could have paperwork done saying that I would take over the mortgage on the house he owns, and that the ownership of the property would be transferred to me once it is paid, as he is planning to relocate. How can we go about this?
A: It is possible (though unlikely) for the mortgagee and the holder of the mortgage note to sell these documents to you. Assuming the mortgage and promissory note were obtained through a commercial lender, they were probably sold into the secondary mortgage market and are serviced by (and perhaps owned by) a third party servicing company. The price the holders of these documents would charge you would have to be negotiated, which price would include the cost of preparing the assignments, recording the assignment of the mortgage, endorsing the promissory note, and delivering the documents. If the mortgage and promissory note are part of a package of mortgages held in the secondary mortgage market, it would most likely not be possible to break a single mortgage or debt obligation out of the package. Also, if you are able to purchase the mortgage and promissory note, once the debt is paid off in full, the mortgage and promissory note would cease to exist, so you, as the lender, would not own anything. The property owner would own the property free and clear of the mortgage.
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