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Helinut

Taking over payments

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Helinut

So.. say 'hypothetically' I was wanting to sell my boat. What are the pitfalls of having someone take over payments? Can it be done legally or does that person need to get their own financing? Has anyone done it before?

As the weather gets warmer, it's getting harder and harder to 'hypothetically' sell my boat :)

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stewart

Most banks will not let someone take over payments. The buyer will need to qualify for there own loan.

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txwakejunkie
Most banks will not let someone take over payments. The buyer will need to qualify for there own loan.

Unless you are willing to trust the person to make the payments in your name. That would be scary to me, i couldnt do it.

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68Slalom
Most banks will not let someone take over payments. The buyer will need to qualify for there own loan.

Unless you are willing to trust the person to make the payments in your name. That would be scary to me, i couldnt do it.

That even becomes tough for insurance reasons........NEVER trust anyone to make your payment, learned that a long time ago Whistling.gif

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2wayskier

It depends on your lending institution. In most cases you would still be on the hook for the payment if the new owner defaulted. I would get away as far as possible from that situation. You may have to come up with the difference if there is negative equity involved, but it's worth it.

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SCOTTDOMINE
Most banks will not let someone take over payments. The buyer will need to qualify for there own loan.

Unless you are willing to trust the person to make the payments in your name. That would be scary to me, i couldnt do it.

No.gifNo.gifNo.gif I have never missed a pmt in my life and wouldn't trust anyone w/ my pmts! JMO though

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vette-ski

Rather than "taking over the payment", can't you just let someone "takeover the balance" and get their own loan for what you owe on it? Same end result unless the buyer can't get their own loan. Depending on the rate of your loan, they may even be able to get a more favorable rate now.

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Love2Board

A friend of mine had to declare bankruptcy about 15 years ago because the person who bought his home assumed the VA Loan. He never made payments, and my friend went bankrupt because of it.

Don't do it!

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RTS

Have them get their own loan at the bank. If a bank won't loan them money, then that's reason enough for you not to play bank with this person. The best thing that can come from this is that you're current loan gets paid off. You can only be sure of this outcome by having the seller get financed and pay your loan off. I'm sure you know the worse case scenario.

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