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Looking for apartments; take over payments on house? *SOLVED*
Hi I'm Vee!
Formerly VH; She/Her; Is an E X P E R I E N C ERegistered User regular
Formerly VH; She/Her; Is an E X P E R I E N C ERegistered User regular
Okay, so I'm apartment hunting, and in my searches on craigslist, I'm often coming upon ads similar to this one:
http://losangeles.craigslist.org/wst/apa/1015757886.html
Basically, I guess I'd be taking over payments on this property, but the payments are ridiculously cheaper than what I would be paying for rent on something similar. For comparison, a 3 bedroom 2 bath townhouse that's as nice as the one in that ad would probably cost upwards of $3000/month.
So I'm guessing there's a catch, but I don't know enough about this kind of thing to know what it is. And if the catch isn't that bad, well I'd sure as hell like to live in that place for the same amount I'd pay for a crappy 1-bedroom apartment.
I guess the question is, is it a scam of some kind? Am I going to be on the hook for more money than they're advertising? What's the deal?
http://losangeles.craigslist.org/wst/apa/1015757886.html
Basically, I guess I'd be taking over payments on this property, but the payments are ridiculously cheaper than what I would be paying for rent on something similar. For comparison, a 3 bedroom 2 bath townhouse that's as nice as the one in that ad would probably cost upwards of $3000/month.
So I'm guessing there's a catch, but I don't know enough about this kind of thing to know what it is. And if the catch isn't that bad, well I'd sure as hell like to live in that place for the same amount I'd pay for a crappy 1-bedroom apartment.
I guess the question is, is it a scam of some kind? Am I going to be on the hook for more money than they're advertising? What's the deal?
Hi I'm Vee! on
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It may be in a neighborhood that's going to hell from the housing crisis.
Also those pictures are from different houses.
that's all I really noticed about it
Also "Houses starting at $850"
This line at the bottom makes me think it is a scam written by someone who doesn't speak English well.
"cute consists square laundry open Refrigerator room counter closet home high room making with Small very with yard front only with very this air/heat can carpet with spot floor includes the feet comes is house appliances with and dishes business hardwood an and backyard"
That doesn't necessarily mean it's a scam, though. I'm just wondering if anybody's heard about this kind of thing, people taking over payments on houses and such.
Don't believe me? Google the 877 number from the ad.
the "no true scotch man" fallacy.
No one is going to sign over a house to you with no money down and no credit check.
Plus because how housing prices have tanked even if somehow you did get in the house you would owe the original purchase price of the home which could be $100,000's more than it's worth now.
Short of selling or refinancing there is no easy button to transfer a mortgage out of one name and into another. My suspicion is that they're looking for someone gullible to make payments while the owner cannot. In a worst case scenario, if you move in and pay for thirty years you'd find that you've paid off the mortgage for someone else.
Typically, the scammers will let you to move in to the home, make multiple payments (often times ballooning in amount) thinking you own the home, then yank it out from under you by some clause in the contract. That, or they'll ask for a sizeable safety deposit or other up-front monies, you’ll pay and then they'll disappear.
To answer your general question: yes, someone can take over payments for someone else's mortgage and in exchange they get to live in the house, but I personally wouldn’t recommend it. Basically, you're just helping someone else build equity in their property, but you don't get any benefit for it other than living in the house for a set period of time. Think of it as long-term renting, only with less benefits to you and more benefits for the landlord.