On craigslist I found a company that says you can take over a house payment with no credit check. Is the possible or is it a scam.
2007-03-27 07:48:25 · 6 answers · asked by Anonymous in Business & Finance ➔ Personal Finance
There are a lot of foreclosures going on all over the country. Yes, it is possible that there are homes you can buy cheaper than the going rate for a comparable home in the same area.
However, why would a lender that foreclosed on a home want to deal with an individual who has no or bad credit? They already made a loan to people who were unable to meet it, they don't want to do it again.
I'd consider this a scam until proven otherwise. If something sounds too good to be true, it is.
2007-03-27 07:56:55 · answer #1 · answered by Melanie J 5 · 0⤊ 0⤋
No bank or mortgage company will allow you to take over a house payment just like that. You have to pass a credit check and prove you can pay for the house. Also that there are no open judgements or bankruptcies.
2007-03-27 07:54:59 · answer #2 · answered by suesez22 2 · 0⤊ 0⤋
I did just that 20 years ago. It's called an assumed mortgage. There are very few of those loans left these days, so I would investigate it more closely. But it's possible. A lot of scams today, too, so check carefully.
2007-03-27 08:27:47 · answer #3 · answered by Middleclassandnotquiet 6 · 0⤊ 0⤋
Yes, it is possible. It is called "subject to" investing. It is a very simple process and, if done properly, takes less than 30 minutes to complete the paperwork. You do not have to be a company or use the services of any company in particular. You just need to know the proper way to do it.
2007-03-27 07:52:57 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Without credibility you can,t get a credit in the general sense but some scrupulous entities may manage the same by fluke or crook!!!
2007-03-27 07:54:30 · answer #5 · answered by cabridog 4 · 0⤊ 0⤋
Sounds like a scam to me but I suppose it is possible.
2007-03-27 07:52:59 · answer #6 · answered by Anonymous · 0⤊ 0⤋