I want to take over the payments for someone before their credit is runied. I am looking for something in Austin Texas Travis County. So any help from all the real estate moguals out there?
2007-08-16 03:31:49 · 8 answers · asked by socker1000 1 in Business & Finance ➔ Renting & Real Estate
You can't just take over someone elses loan, assumable loans are very rare, and the ones that are out there are at least 15-20 years old. Those are not the people in foreclosure.
2007-08-16 05:51:44 · answer #1 · answered by Landlord 7 · 0⤊ 0⤋
There are many resources for finding already foreclosed homes online and else where, however the only way to obtain information about Pre-Foreclosure is from the actual institution holding the mortgage (bank, mortgage company). The reason for this is because a foreclosure is an actual legal event that is public knowledge, where as a pre-foreclosure is still a personal issue between the lender / lendee. You have to tread lightly on this - not all lenders are willing to freely give out such personal information. Likewise, not all individuals in financial peril will be receptive to your offer to "help" them. Your best course of action is to get friendly with your banks lending manager, explain to him/her that you are a real estate investor and are looking for individuals that are in pre-foreclosure, that would be receptive to your assistance. Since they have most likely been in discussions with the individuals, they would know the ones that will be receptive to your contacting them (or may even solicit for you). Remember - even if the house is in pre-foreclosure, it still may not be a suitable deal for you.
2007-08-16 03:45:09 · answer #2 · answered by Ken T 1 · 0⤊ 1⤋
This is working on the assumption that the mortgage will be assumable, and that is a rarity. In most cases, you are going to have to purchase the home outright and obtain your own financing.
Run an ad in your area stating that you are willing to look at houses in pre-foreclosure. I'm sure your phone will ring.
2007-08-16 05:28:02 · answer #3 · answered by godged 7 · 1⤊ 0⤋
i could attempt to coach without your female pal. whilst the banks desire to do corporation, a foreclosure with enhance a brilliant crimson flag, fairly if that is below 2 years. optimistically, the area is done, yet whilst she applies, it maximum probable will enhance your value, in case your waiting to get authorized in any respect. some lenders won't touch a borrower or co-borrower if there's a foreclosure interior a three hundred and sixty 5 days. i could certainly convey this up in the present day with whomever you practice with, or in simple terms call some close by lenders, good luck
2016-10-10 08:37:17 · answer #4 · answered by ? 4 · 0⤊ 0⤋
Preforeclosure information is usually based with the lender and does not become public information until formal foreclosure proceedings have been initiated. If you know the owner, as it seems you do, I would recommend that both of you approach the lender and work something out. The lender does not want to go into foreclosure proceedings as it is time and costly to their bottom line.
Hope this helps...
Check out TaxSaleWealth
http://www.taxsalewealth.com
2007-08-16 04:23:47 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Unless the owner advertises the fact that they are in "pre forclosure" status there's no way to know. That's not public information until the formal foreclosure process is started.
2007-08-16 03:36:44 · answer #6 · answered by Bostonian In MO 7 · 1⤊ 1⤋
This info is actually public info, that you dont have to pay for. You can go the county court house, and research this info...for free. Go to the records dept, and they will tell you where to go, what books/feeds to look into. They may make you pay for the copies, .10cts!
If not, try www.realtytrac.com
2007-08-16 04:56:54 · answer #7 · answered by MarJohn 2 · 0⤊ 0⤋
You're not going to be able to assume the mortgage. You'll have to buy the house from them outright.
2007-08-16 03:42:36 · answer #8 · answered by Box815 3 · 1⤊ 1⤋