Is it possible to take over payments of a house in foreclosure then buy it after a few months?
Dec 23, 2009 in
Financial and Loan Tips
JJ443044
I was going to pay money to have access to a website that had home owners that were in possible foreclosure and needed someone to take over the payments. The company claims that after a few months of making the payment on time. The house can be transfered to the new owner.
I was going to pay money to have access to a website that had home owners that were in possible foreclosure and needed someone to take over the payments. The company claims that after a few months of making the payment on time. The house can be transfered to the new owner.
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4 comments
MABE on December 26, 2009 at 6:51 pm
wow I dont know but I just asked a question regarding how to stay out of foreclosure. My arm is going to adjust in Nov ’08 and we may need an investor for our home so we can stay in it and rent it! Where do you live??? Im in MI please email me if you can.
RE its what i do on December 27, 2009 at 7:36 pm
Hi JJ,
This would only be true if the homes are financed through the FHA, these loans are assumable – check with your title co. or closing attorney to find out how to do this. I would suggest that you not pay a website for this info, depending on where you live and how many there are they might be listed in your local paper, a little research on your part might fo a long way and save you some cash.
FRANK R on December 29, 2009 at 1:14 am
This is a major rip off. The lender has to go throught the regular foreclosure process. I am former Recorder of Deeds at the court house.
budhah1 on December 30, 2009 at 11:37 am
Here is how that works,,,, John Doe is late on payments and gets his bank notice.. It is listed in the paper, …
You contact John Doe and offer to buy his place and will make up the late payments and fees.. thus taking it out of foreclosure,
You then go to a bank and get a new loan on the place.. Maybe you can get one assumed, but depends on the mortgage company or bank…
The one that says only FHA loans are assumable is wrong, as I have taken over more than a few in my time… None were FHA.. all were thru a bank.