Profile picture for cindy jams

I would like to take over payments on some forclosures how would i go about

  • December 23 2010 - Pryor
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Answers (10)

Profile picture for s zero40
I would like some imformation about trying to take over payments
  • March 03
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  • October 14 2014
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What city are you seeking properties in?
  • October 14 2014
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  • October 14 2014
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Hi D:

The country hick is correct, most definitely when it comes to short sales but not necessarily when it comes to foreclosure.  You can find a valuable foreclosure, but once the home is foreclosed, the loan won't be assumable.  It's possible to assume most loans; however, you'll still need to qualify for financing.  If you have difficulty obtaining lender financing, you may be interested in owner financing.  This is when the owner of Real property allows you to borrow directly from them.  Most times, however, this will require a large down payment.  If you don't have money saved, you'll find it difficult to enter into this type of arrangement.  You should really speak to a knowledgeable and reputable lender to see which scenario will fit you best. 

Good Luck and Happy House Hunting!

Jennifer Henning
REALTOR | GREEN Certified

  • January 14 2011
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Profile picture for the_country_hick
Usually when a house is in a short sale or becomes a foreclosure what was owed on the house is MORE than it is WORTH.

That means IF you could take over payments you would be overpaying for a house that is worth less than you would be paying for it. A bad financial strategy to be sure.

WHY would you rather take over payments than to get a mortgage of your own?
  • December 23 2010
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Once a property has reached the foreclosure status, the bank would require payment in full as the owner has defaulted on their loan. Essentially there is no longer a loan so there is nothing to take over.

Even if you were to find someone to let you assume their loan, the loan would have to be assumable (not all loans are assumable) and you would have to meet the qualifications of the lender.
  • December 23 2010
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Dear Cindy.   I think you are really interested in a short sale listing because once it gets to foreclosure the bank owns it and taking over payments would not be possible at that point.   In a short sale the owner is still in possession and you could negotiate an assumption if their loan is assumable.
  • December 23 2010
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You should first Google Neil Garfield.  He is a national leading attorney and expert on foreclosure fraud.  He has several videos on the subject as well as a website.  Then Google foreclosure fraud cases.  You will see how the judges are ruling on this issue.  All that glitters is not gold.  In fact you will find a lot of "fools gold" in your case should you pursue foreclosed homes.
  • December 23 2010
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Profile picture for craigfial
You would need to contact the owner directly to negotiate with them.  If the owner has not been paying for some time, and the property is upside down, I'm not sure why you would want to take over payments.
Since the owner will not be released of the financial liability, there is little incentive for them to playball.

There are a lot of "investor schemes" out there where people try to get the owners to Quit Claim Deed the property over, and say they are going to make payments but never do.  Now that they control the property, they can evict the owner, and rent it to someone else until the bank forecloses.

Nice scam.

Owners should NEVER deed the property out of their name.  The bank will still foreclose and seek judgement regardless, since the owner is the one responsibile for the NOTE.
  • December 23 2010
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