Profile picture for CharlesAllburn

I would like to find a lender who would help me with a bailout loan. Can you advise?

I am living in a house that is in foreclosure,and would like to buy it if at all possible.
  • October 10 2013 - Newburgh
  • 0
    0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.

 
 

Answers (3)

It would depend on the purchase price covering the seller's closing expenses and his/her mortgage payoff.  I 'm guessing seller would not have funds to cover deficiency since the property is in foreclosure.  A possible scenario is seller financing, with down payment that would at least bring the mortgage payments current, or lease option if you don't want to be locked in.  If not the seller would need to discuss a short sell with the mortgage company.  First thing is, have you discussed purchasing the home with the owner?
  • October 18 2013
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Unless you can work out a sale with the owner acceptable to the lender you cannot buy the home prior to foreclosure.

The owner may qualify to do a short sale. If the owner is interested they should contact a Realtor to advise them.  Then you could buy it.
  • October 10 2013
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for Outer Banks N C
That would require just a simple loan, nothing special. Go see any lender or mortgage broker to see if you can get a loan first. Then wait until the owner (someone owns it-maybe a bank now or soon) to get around to selling it. That could take months, but it will be listed for sale sometime. No sale can be done until the foreclosure is over. Trying to buy it out from under the process of foreclosure won't happen, the only one to be able to sell it is the owner. The bank can't sell what they don't own and they won't own it until the foreclosure auction happens. That auction requires cash so you can't buy it there.
  • October 10 2013
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.