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04-15-2011, 02:10 PM
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if my house that i rent goes into foreclosure,
can i offer to buy it? if the owner is willing, rather than lose the house they would let me take over payments.... would that be doable?
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04-15-2011, 03:26 PM
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The owner's lender will be delighted to know you are interested in purchasing the property and will do their best to make arrangements for you to either assume the existing mortgage or to provide you with a loan if you are qualified. Talk to the owner, and if it agreeable, both of you should visit the lender to discuss the process.Lenders do not want to foreclose property. As soon as they take title, they are liable for insurance and property taxes and may incur real estate commissions on the sale of the property. With so many properties in foreclosure now, lenders want to avoid that situation.
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04-15-2011, 07:09 PM
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Greetings Steffanie,Found your answer on one of the first few links on the site below.Cheers, Tamara
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