I bought a house 2 years ago. Even though I can afford the house I feel I made a mistake because I should have bought a cheaper house and saved some money. The house is in a new development and is on a small lake and I still owe 230,000
I put the house on forsalebyowner.com and the problem I'm seeing is the builders are offers such great deals on new homes that I can't compete with it. I want to sell the house but I fear I won't be able to for the next few years. My question
is this. I was contacted by a local real estate investment company that said they would take over the mortage at what is owed on the home and make all the payments, taxes, and maintenance until they sell the housebut the catch is that they leave the mortgage in my name
when I asked them about it they said they would right a contract that says they will be responsible for the 230,000 no matter what. My understanding is that they will hold the house till the market comes back and the try to sell for profit but leaving in my name concerns me for a few obvious reasons. 1. Will I get screwed somehow in the long run. 2. Will I be able to get financing on another home when I already have a mortgage . I guess I'm asking has anyone had any experiance with this or even heard of it before. I want to lower my debt so I can roll the savings into paying off my student loans but I don't wanna be scammed thanks for the help
- Blake