Enter email address. It is possible to buy an existing mortgage that someone else is already receiving payments on.
Nothing changes for the borrower.
They simply send their payment to you instead of the first lender. It is often possible to buy these mortgages at a discount. It is unusual to get a discount when buying an existing hard money mortgage. A hard money loan is one made, often by a private investor, to a borrower where the lender did not own the real estate. To find out more about making hard money loans, click here .