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If a property is in the process of foreclosure can a buyer take over payments? Assumable?

If a property is in the process of foreclosure can a buyer take over payments? How can i get a list of assumable mortgages being foreclosed on?Assumable?    

Sincerely Theone
    
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June 03 2010 - Mesa
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Answers (5)

Even though FHA and VA loans are assumable, they require that the person assuming loan be approved/qualified for an assumption. I am not aware of any existing loan that can be assumed without a "due on sale clause" being exercised which means lender has right to approve anyone assuming loan.
On a foreclosed property you may find the lender willing to allow an assumption but not without qualifying and being acceptable financially. They only want to foreclose once!
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June 04 2010
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Thank you all for your input. To answers one question if it is a little upside down and not more than 20 percent upside down, i would consider this to help out a friend who is have a problem, I am planning to move to Tempe from California and i feel the Housing market is bottoming out however it can not go much too  lower. It must rise again. I would only do this if it is assumable. Although a couple of you gave me more ideals as fars help with buying the home, Thank you all
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June 03 2010

FHA loans are assumable and they make up a good chunk of loans originated recently.


Not sure how the whole property is in foreclosure would play into the assumption though. 

Also, check to see if the home will be a HUD home (had an FHA loan on it) as FHA has a program that allows for $100 down payment regardless of price.

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June 03 2010
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As the other poster said, many/most mortgages are not assumable.  But, if it is, do you really wish to assume a mortgage where the total mortgage is higher than a value of the house?

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June 03 2010
Dear Theone:

Most mortgages from the past 10 years are not assumable. A new loan would have to be taken.

Keep in mind if you are interested in financial assistance on a foreclosure purchase there is free grant money for the down payment that is available through the Arizona Department of Housing in selected zip codes.

May I wish you the best.

Regards, Jeff

Jeff Masich
Arizona Homes and Land
HomeSmart
Scottsdale
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June 03 2010
 
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