Question about mortgage transfer

Hello everyone! A friend of mine has been living in a home for a few years now but due to divorce they are moving. They still pay a mortgage to a private party (original owner) not a bank. They put 10k down as their initial deposit. They still owe a lot of money before owning the home. They have not done any major upgrades to the home. Home has undergone wear and tear.

They offered for my family to take over their current mortgage if the home owner agrees to it but then also said they want to make a profit of 140k on the home since it is worth more then when they first moved into it. So asked us to take out a mortgage to pay them and then also pay their original mortgage to the owner.

Is this legal or even make sense? Are they entitled to make 140k off the house due to it being worth more, after living there less then 5 years?

submitted by /u/Camsaiga
[link] [comments]

Hello everyone! A friend of mine has been living in a home for a few years now but due to divorce they are moving. They still pay a mortgage to a private party (original owner) not a bank. They put 10k down as their initial deposit. They still owe a lot of money before owning the home. They have not done any major upgrades to the home. Home has undergone wear and tear. They offered for my family to take over their current mortgage if the home owner agrees to it but then also said they want to make a profit of 140k on the home since it is worth more then when they first moved into it. So asked us to take out a mortgage to pay them and then also pay their original mortgage to the owner. Is this legal or even make sense? Are they entitled to make 140k off the house due to it being worth more, after living there less then 5 years? submitted by /u/Camsaiga [link] [comments]

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