Credit Debt Management

04 Mar, 2010

Are BANKS really allowing this with FORECLOSURE properties?

Posted by: admin 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?

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3 Responses to "Are BANKS really allowing this with FORECLOSURE properties?"

1 | lbguzmann

March 4th, 2010 at 1:50 pm

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

2 | godged

March 4th, 2010 at 2:01 pm

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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.

3 | loslunas87031

March 4th, 2010 at 2:02 pm

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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.

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