I am looking for places to live (rent), and keep seeing ads for houses that apparently are being sold because their previous owner couldn't maintain payment on the mortgage. The ads say that you can take over loan payments, w/ no credit check on top of that. I'm skeptical, of course, and would like to know more about these situations.
Can someone explain this scenario for me? Thanks.
2007-08-31 18:46:13 · 6 answers · asked by TG 1 in Business & Finance ➔ Renting & Real Estate
It is a scam, look elsewhere. No one is going to extend you credit without looking at you credit history! If you really want to buy a house, the starting point is to talk to a mortgage broker.
2007-08-31 19:52:44 · answer #1 · answered by linkus86 7 · 0⤊ 0⤋
Buying a house is like putting yourself in a hot pot. That's why people, when they are buying a house, they turn the house upsidedown to look for defect (w/c is very costly) before they buy it. You will work for your house payment all your life as long as you own the house. So make sure that before you take over payment - you have the house inspected, appraised, and get an attorney to review all the contracts and also to find out other liens that was on the house by the owner.
2007-09-01 01:59:24 · answer #2 · answered by earth angel 4 · 0⤊ 0⤋
Very few mortgages can be taken over without approval of the lender. It used to be standard practice but has not been that way for over 20 years or longer.
Not all mortgages are assumable and the vast majority of the ones that are require the buyer to meet the lender's standard credit criteria.
2007-09-01 02:02:58 · answer #3 · answered by Bostonian In MO 7 · 0⤊ 0⤋
Sure you can make all the payment want on anyones mtg,
but they still own it not you. All loans have a due on sale clause. No lender is going to let someone take over a loan with no credit check, this would be stupid on their part.
2007-09-01 13:28:01 · answer #4 · answered by Leo F 4 · 0⤊ 0⤋
Hey im acually looking for da same thing , only i want to buy them and sell them for profit. ive heard u can but government forclosed houses that ppl cant afford to pay their taxes so they give them up and then the public hav rights to buy it here ill give u the number 1(800)764-8755 they send u a packet how to buy forclosed government houses. i think this is what your looking for if not, im sorry w/b tell me what you think man , laterz ...
2007-09-01 02:02:36 · answer #5 · answered by SA_MAN 1 · 0⤊ 0⤋
Actually find a knowledgeble realtor and ask them about a pac trust? They should be able to explain it to you.
2007-09-01 03:24:01 · answer #6 · answered by Mark M 2 · 0⤊ 0⤋