I saw a house for sale by owner on craigslist. The owner has been trying to sell the house for 4 months due to job transfer.
The house is basically brand new (Jan. 2007). He only has $ 9,000 in his equity. The agreement (we haven’t sign the papers yet) is he will carry the loan for 3 years until I get my own financing.
I found out his loan is not assumable and I need to come up with another solution. I don’t mind seller financing but the problem is that he doesn’t own the house free and clear. He basically wants me to take over his $ 1435 a month payment for 3 years until I get my financing. Since the mortgage is in his name, how can I get credit for paying his mortgage until I get my financing?