Feb 8, 2009, 11:09 AM
Post #3 of 5
I would be very, very leery about going into a deal "traspaso" in Mexico. Real estate conveyance in tricky enough here without any additional complications.
I think in the US we would describe this as a "wrap-around" mortgage. You pay the seller a monthly mortgage payment, presumably more than he is paying on his own mortgage, and it then becomes his responsibility to forward his portion of the payment to the original mortgage holder. When he has paid off the mortgage, the property becomes his without liens and he then transfers the property over into your name and you continue to make the same payments you have been until it is paid off and you then own it free and clear.
Adds a whole other layer of two to the potential of problems.
(This post was edited by Carron on Feb 8, 2009, 11:10 AM)