Does anyone have experience with the "take over payment program" for houses?

Question

You take over payments for property that's headed for foreclosure, and the house is yours once it's paid off. It sounds too good to be true because the payments are so low, for one thing.

Answer 1

After calling the company and speaking with a rep. as well as speaking with an actual broker I believe I have the basic information;

The company does not seem to be a scam exactly... However

This company is not a broker, they do no provide any real service that will get you into a home aside form creditor style harassment, they provide you with a list of homes in pre-foreclosure and then contact the owner on you're behave to harass them untill they agree to transfer the payments, at that point you will still need to deal with the lender and in order to have the deed transferd to you these things must be done:

1) meet all credit and income standard's for the loan

2) insure that all taxes and debts accumulated on the property are in good standing

3) You will need to pay all fee's that come with a standard re-finance

*All though they may claim there is no Down-payment that is simply clever wording to actually have the property transferred to you're name it will cost upwards of 30 to 40 thousand dollars there is a reason these homes are in pre-foreclosure, and cannot be sold for a fair market value, this is not a good deal.

You very well may end up in a home, but the cost just to stop the foreclosure will be around 3-4 month's back mortgage payments in addition to all fee's due, and then when it comes time to refinance, you will still need to pay for inspection's, repairs, insurance rates, sales tax, property tax, ect ect and guess what? No credit? No Cash? youre out of luck, and youre out all the money you have all ready put into the home, but do not fear because at this point I am sure the good people at Home Axxcess will be glad to take the property off youre hand's ;)

Answer 2

Take Over House Payment Programs

Answer 3

Yes, yes, yes. Twice. I have purchased two homes with no money down and had no problem getting the loan, purchasing the home, or making the payments. Lenders are doing a huge business in 100% loans. So long as your credit score is good, the payment (principle, interest, taxes, and insurance) will use no more than 38% of your monthly income, and you do not have a whole bunch of other debts, then you should have no problem getting the loan. I'm confused why the seller would care about this. It's none of the seller's business.

Answer 4

First off, not all mortgages are assumable. If the mortgage isn't assumable you'll need to get your own financing.

Next, even if it is assumable, you still have to meet the lenders standard qualification for the loan. If you can't qualify for a loan of that size in your own right you'll never get approved and won't be taking over anything.

What gives you the idea that payments are "so low?" They're the same payments that the seller had to pay. You get no break on the payments for taking over someone else's loan.

Answer 5

There is both a true and a scam verion.

TRUE-
The true version exists when you legally assume the existing mortgage AND the seller gives you a deed to the property at the same time that you assume the mortgage. Banks may due in order to not foreclose on a property, available in some VA & FHA loans.

FALSE-
Scammer convinces you to move in and make payments to them saying once you have paid for property you'll own it. You make payments and the bank forecloses and sends the sheriff to remove you from the property. You never received a deed. The "sellers" are long gone.

Answer 6

generally it is a situation where the owner is losing the house anyway, so if you are able to keep up the payments, they get the credit for it (as far as the credit report), instead of the foreclosure they are heading for. This can help them qualify later for another mortgage. Be aware however, that most banks have a due on sale clause in the loan agreement, and if the interest rate is low, and rates go up, there is a chance they can call the note due, and you need to refinance the note and pay them off.

Answer 7

This Site Might Help You.

RE:
Does anyone have experience with the "take over payment program" for houses?
You take over payments for property that's headed for foreclosure, and the house is yours once it's paid off. It sounds too good to be true because the payments are so low, for one thing.