I'm in a subject to mortgage with old home, how can I purchase a new home with this mortgage on my credit?

After going into a subject to mortgage deal with an investor two years ago, I have now gotten my credit, finance, and savings together I want to purchase a new home but with this mortgage still showing on my credit as a balance, I need to get rid of this. I can't pay this balance off and the investor might not put the mortgage into his name, is there legal way of owning a new home? Renting from family member sucks!I'm in a subject to mortgage with old home, how can I purchase a new home with this mortgage on my credit?
Well, legally you still own that home and the ';investor'; is just a renter.





Since you have been renting to him for 2 years you can count the rent you are receiving as income towards your new house. You just have to show the last 2 years tax statements with the added income. You should be able to qualify for another house with this unearned income added to your earned income. The banks will accept your adjusted income from your 1040 as your actual income.I'm in a subject to mortgage with old home, how can I purchase a new home with this mortgage on my credit?
Let this be a lesson, cosigning a loan is legally the exact same thing as signing the loan.





Your name is on another mortgage. The only way to take your name off that mortgage is to get that mortgage paid off by either paying it yourself or getting it refinanced without your name on the new loan.





If you can't qualify for both payments, you can't get another mortgage until the old one is paid.





Sorry, but that's what cosigning does. You should have researched what it means to sign your name to a very large loan before you did it.
You bought a home ';subject to a mortgage?'; That means the mortgage is still in the seller's name. Good and bad. If there is any equity in the home, just sell it and pay the investor in full. You may have some leverage. Most mortgages contain a clause that may be to your benefit. A ';due on sale'; clause says the mortgagee (lender) can call the loan due if ownership changes. Also mortgages contain an occupancy clause. It may require him to occupy the property. Discuss this with him and if nothing else deed the property back to him. You really need legal advise.





realtor.sailor
many lenders allow a buyer to have as many as 7 mortgages in their


name if your credit and cash flow can stand it!





ASK your mortgage broker