Are BANKS really allowing this with FORECLOSURE properties?

March 4, 2010

in Secured homeowner loans

I see this in some states more than others, whether on Craigslist or other ads; the buyer only has to take over payments!!!????

I suspect that in some cases, and maybe in most, these places are just being tried to get rid of by investors, whether the original investor who bought this home couple of years back or maybe those that have approached homeowners about to foreclose, and place these ads for which hundreds of people maybe inquire about. If these proposed buyers qualify these investors sell the home legally to them upon the person securing a bank loan.

I also believe that if none of these buyers qualify (especially in the crisis these markets are in now), investor justs keeps on renting property out to them, while a true qualified buyer shows up.

Am I right thinking like this, or does truly any bank allow for just anyone to take over payments and become an overnight homeowner?

Related Blogs

  • Related Blogs on Really
  • Related Blogs on this
  • Share/Bookmark

Related posts:

  1. How Can I Get My Wife To Be Financially Responsible?
  2. can a collateral (home) be foreclosed?
  3. I Am Looking For A Credit Card That Will Rebuild My Poor Credit Without All The Fees.?
  4. Credit Card For Poor Credit Without A Ton Of Fees?
  5. Hello, I Am Trying To Rebuild My Credit, Does Anyone Know Of Any Credit Cards For Bad/poor Credit?

{ 3 comments… read them below or add one }

lbguzmann March 4, 2010 at 1:50 pm

It depends on the loan in place. For example, some FHA loans are assumable. Most (If any) conventional are not.

godged March 4, 2010 at 2:01 pm

I doubt it. Many home loans are not assumable. It is possible that the owner/investor will do some sort of financing where you make his payments, but what if he stops paying the lender? You are out without a house.

There are plenty of schemes and shysters out there willing to help people part with their money.

loslunas87031 March 4, 2010 at 2:02 pm

there are hundreds of versions of the scam. Bottom line is to part a person with money. The biggest one is the application and option fee that they fish out of people but never are approved for the home.

Leave a Comment

Previous post:

Next post: