Can You Take Over Someone's Mortgage Payment?

There are many websites out there that claim you can take over an existing mortgage. Many of these websites also claim that you don’t even need to qualify to assume the mortgage because you don’t actually apply for a mortgage loan. Instead, you just take over the monthly payments. Most of these homes are said to be in preforeclosure.


So, can you actually take over someone else’s mortgage?


In short, some mortgages can be “assumable” and some cannot.


Always contact a trusted real estate professional as well as a reputable lender to assist you in determining if a mortgage loan is assumable and to assist you in the process of assuming someone else’s mortgage payments. However, not just anyone will be able to assume an existing mortgage loan. There will most likely be an application process as well as a credit check.


Anyone who tries to charge you upfront should be avoided. There are many scams out there, so to ensure your safety, involve a real estate agent, lender, and your attorney in any real estate transaction.