After a few headaches about your mortgage payments, expenses and home improvement ideas you might have thought, "What if I could just walk away." You feel like you would be better off without any of it. If you weren't a home owner you could get rid of the lawn mower, snow blower, rake and plenty of other items that take up space. Well it's not as hard as you think.
Plenty of people out there want your mortgage. They know it's costing you money, but half of the costs would be given directly to tenant that leases your home. The tenant still pays for their own heat, cable, electric and groceries. They also pay rent that most likely covers the mortgage payment and taxes. The tenant mows the lawn, shovels the driveway and pays the expenses all while the loan dwindles.
Step 1. Deed: Sign your deed into the other person's name.
Step 2. Contract: Sign a contract that says the new person liable for the existing loan.
Step 3. Walk Away: If the person defaults on the loan and goes bankrupt, it would come back to you as the deed holder and debt holder. However, while a few years have gone by, the same mortgage loan you had previously has been paid down even more and you never had to make the payments. You can now sell your home with additional equity and walk away with a little money. Whoever holds the deed in their name can sell the property, but they must pay off the mortgage loan before collecting any profits.
The buyer's motive is obvious, let the tenant move in and pay the bills until the mortgage loan lowers. Then they can sell the home for a profit without ever putting up any money. However, it's usually a win-win situation for the "seller" because they're in trouble with their payments or simply want out! And we all know what a hassle it can be to get out of a mortgage. Sometimes these "buyers" come along and they're life savers. Some people would beg to sign their deed over, while others would love to accept it.
Personally, I'm on the buying side of the equation. So if you're in southern NH and you want to sign your deed over to me, I'll gladly accept it! We'll make a deal together and sign a contract. You can move out within a month and downsize your monthly payments.