Home Purchase Mortgage Calculators
Mortgage Program Calculators
Most mortgages have an alienation clause that allows the lender to foreclose on the mortgage in the event that ownership of the property is transferred without lender approval.
A potential alternative you could explore is to acquire a 99% interest in the property with the current property owner retaining a 1% interest. You would set up a joint bank account with the current property owner from which the mortgage would be paid. With this approach you may avoid triggering the alienation clause because the current property owner maintains an ownership interest in the property. You could accomplish the transfer the 99% ownership interest from the current property owner to you through a new grant deed or quitclaim, both of which are handled by a settlement agent (either an escrow company or attorney depending on where you live). Our recommendation is that you consult with an experienced real estate attorney to guide you through the process.