didnt get much answers the last two times~~~~this is a business question?

Question

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.

Answer 1

If any of these exist at all, legally, they are as rare as hen's teeth because most deeds of trust contain a "Due on Sale" clause that specifies that if the owner of the property changes the loan must be paid in full.

FHA loan allow assumption of the loan but you must qualify for the payments the same as if you were qualifying for a new loan. even in that case, you'd have to bring the loan payments current and that could end up being a chunk of change.

Answer 2

Lets face it you are not getting the answer you want, so you keep reposting. No is a bad idea part of a two way scam. They tell the owners that they will make the payments, then they rent it out to people at a cheap price (If the mortgage was that cheap so you not think the owners would be able to pay) then rent it out, or faux sell it to people like you take the money, never make a payment then you are out of a living quarter, the owners get foreclosed and everybody looses, except the company pulling the scam. No on second thought yes go ahead and do it, That is what you want ot hear isn't it

Answer 3

Do not, I repeat do not do this. If the owner now doesn't transfer title to you, what protection do you have? If they do, most mortgages are due in full when title is transferred. It is way to good to be true.

Answer 4

no no no no no no no no no no!!!!!!!!!!!!!!!!!!!!!!!!!!!! and HELL NO! for good measure!

Take over payments is a bad idea don't do it.