Expert: Brian Beardsley - 7/8/2009

Question
A former landlord got so pleased with our responsibility on the payments and the care of the house that is offering me to buy the house from him at my own schedule.  He will authorize the bank to deal with me (allowing me to ask questions and receive answers), I will pay directly to the bank and when I am ready I will buy the house without paying him anything (he just want to get "rid" of the house debt).  Then I am kind of getting a house with 0 down.  I do not qualify for a mortgage right now due to taxes debts that I am currently paying.   How could I do a contract that protect my interests on this case.  No attorneys wants to take the case (Orlando, Florida), they refer me to Public notary.   What are your thoughts on this one?

Thank you

Answer
Thanks for your question...  

It sounds like you might be taking over an "assumable" mortgage, where the debt transfers to you along with ownership of the house - In that case, you would deal directly with the current mortgage holder, and they would also be in contact with the current owner, to ensure that the deed (ownership) is transfered to you at the same time - If you don't qualify for a conventional mortgage, you may not qualify to "assume" this mortgage....