As you know I am a Real Estate Agent in Palm Beach County Florida.  As our market has really changed, it has caused us Real Estate Agents , Mtg. Brokers and attorneys, to become real creative.  I don't know how different the market, or the lending process is from Georgia to Florida.  However we have something called a wrap around mtg.  And to my understanding the owner holds the current mortgage, the buyers obtains a mtg via the seller.  Basically the seller holds a reordered mtg that wraps around their current mtg, and it balloons in 2, 3, 5 years, what ever the terms are agreed upon (in writing & recorded).  At that time, the buyer would be responsible to refinance, but would have established mtg history that most banks will accept.  The seller gets their balloon payment, and the buyer has just refinanced the home completely in their name removing the previous owner.  They establish credit, mtg history and a home.  In our market, a lot of sellers and landlords are willing to do this, as it alleviates them from additional taxes and homeowner's insurance that they normally would have to pay, and they are guaranteed their buyers. 

 However, if the buyer defaults on the loan, the owner would have to start the foreclosure process!  All documents should be prepared by an attorney!

Hope this helps, somewhat!

Hey Lorinda. I will definitely contact you. I speak directly with potential clients. Two-thirds of them do not need my product or it can't help them, but because I am a Consumer Credit Advocate, I let them know what they need to do at no charge.