Is it legal for someone to take over my mortgage payment?

You might wonder if it’s legal for someone to take over your mortgage payments. At West Coast Mortgage Relief, we have a program that allows us to take over your mortgage payments, letting you move on with your life. We handle all legal aspects of the process, taking the burden off your shoulders.

What happens if I owe more than my home is worth?

No problem! At West Coast Mortgage, we will evaluate the situation, including your home’s current value, and devise a plan.

Can you help me if my mortgage is non-assumable?

Yes! Our professionals can help you so that we take over your payments and release you from the burden of a mortgage you cannot afford.

Do you take over my mortgage, insurance, and taxes payments?

Yes! When we take over your mortgage payments, we also take over your insurance and tax responsibilities. So you get to start fresh while we take over the burden you can no longer handle.

Does my mortgage company have to approve you making the payments?

No. When you’re in a situation where you can’t afford your mortgage payments and are on the brink of default, mortgage lenders are just happy to receive payments.

However, we let them know we will make the mortgage payments moving forward. We will put our account on file for them too. Mortgage lenders are often just happy that they don’t have to deal with foreclosing on the house.

Do you tell the lender who is making the payments?

Yes, we always let lenders know we will make the mortgage payments. To do this, we’ll need a signed legal authorization from you allowing us to talk to your mortgage company on your behalf.

The legal document will state that we control and manage the property and the mortgage. Lenders care mostly that they will receive payment; they don’t worry about the minor details too much, but we ensure we meet all guidelines.

Who receives statements and notices from the mortgage company?

 Since West Coast Mortgage Relief will take over the mortgage, all communication comes to us. This includes all tax or insurance notices, monthly statements, escrow changes, and any other important communications regarding the property or mortgage.

In the beginning, they may send notices to both of us, but eventually, we’ll be the only entity receiving the information, taking the burden off your shoulders.

Can I claim mortgage interest on payments I made?

If you made mortgage payments during the tax year, you are more than welcome to claim them on your tax return. Moving forward, any interest charges we cover when we take over your mortgage are ours to claim. If that means you claim a few months of interest, and we claim the rest, that is perfectly acceptable.

Who will maintain and repair the home?

Once we take over your mortgage, West Coast Mortgage Relief will handle home maintenance and repairs. We handle the costs as long as you were truthful during the initial evaluation about any pending repairs the home required and the home’s overall condition.

Will the due on sale clause affect the transfer?

Many people worry about this. However, when you close your loan, you agree to the due on sale clause, which means the entire mortgage balance is due when you transfer the property. This is the case if you sell the home to another party.

We aren’t buying the home but holding the property in trust. This works around the due on sale clause, making it irrelevant.

How fast can we close?

This is a common question, as distressed homeowners want to dispose of their property. At West Coast Mortgage Relief, we work at your speed. If you’ve already moved out, we can move fast. However, if you’re slowly transitioning or have tenants in the home, we can work at your speed while abiding by any timelines the mortgage lender has you under if you’re in pre-foreclosure.

Are there upfront fees?

No, we aren’t selling your house like a real estate agent, so we don’t charge a commission. There are some miscellaneous fees when the process is finalized that cover the processing costs, but we don’t charge the typical real estate agent commission or any other fees. At the most, we charge a document preparation, recording, and transaction fee.

How do you make the mortgage payments?

You probably wonder how we handle the mortgage payments once we take over your loan. It’s simple.

We have tenant buyers (not renters). These are individuals waiting to rent to own a home. They sign an agreement to purchase the home within a specific period, usually one to five years.

Our ultimate goal is to get your mortgage paid in full within the shortest period possible. In the meantime, we cover the mortgage payment to help you build your credit again and to be able to start over fresh.

This program works for homeowners in any situation, including pre-foreclosure, default, inability to sell, underwater, or inability to afford the mortgage any longer.

How do I check if payments are made?

Of course, the point of this transaction is to have your mortgage paid and avoid the damage a foreclosure can do to your credit, so you worry about how you’ll determine if your payments are made.

You may still call the mortgage company to check on the payment status. However, we sign a legal agreement stating we will make payments in exchange for transferring the property to our trustee.

It’s to our benefit to make the mortgage payments because our business model relies on us being able to sell the property eventually to the tenants occupying it. We only make money when the sale occurs, so losing the home in foreclosure doesn’t benefit us.

Can you help every homeowner?

We try our best to help everyone, but like any financial product, there are some we cannot help. We help people underwater on their homes, those at risk of losing their homes in foreclosure, homeowners unable to sell their homes, and anyone who can’t afford the home and would wind up just walking away from it and damaging their credit.

If you want to know if we can help you, contact us today for a free consultation. It starts with a phone call letting us know you want us to take over your mortgage payments. We handle everything else from there.