foreclosure homes, is it safe to take over the payments? has anyone done it?
I am looking to rent and every so often I find one of those listings for foreclosure home, but I am not sure if they are for real or if it is just some trick website..
This is a technique that is used by real estate investors to secure properties that are in pre-foreclosure. They use less of their money and is able to control the property until the sell it.
The investor brings the exiting loan current, pays something to the current owner so he can move and the investor takes the property “Subject to the existing Mortgage” Most of your closing or escrow agents will understand this technique and will do so without fail.
Now there might be a due on sales clause in most mortgage contracts written into days loan docs. If the lender decide to make this call he can possibly foreclose on the property.
If the lender decide to foreclose on the property after finding out a sale has taken place would be counter productive if he is getting a monthly mortgage check and no payments are being missed.
I have yet to find a lender that will foreclose on a mortgage as long as they are receiving a monthly payment even with a due on sale clause. I am not saying a lender will not foreclose, but in my experience, I have not seen it happen if all the monthly payments are being made.
You should plan to refinance as soon as possible normally within six months or not longer than a year.
You should be careful if there is a third party involved because they have normally included a second mortgage to make money in the transaction.
They will tell you to pay them, and they will pay the 1st mortgage after taking out their money for their second. What happens sometimes is that they will not pay the first mortgage at all. They will keep the entire check you are sending them.
If you can pay them one check and the 1st mortgage with your own check would be the best way to do this. You would know that the first is being paid and not likely to foreclose or have reason to foreclose.
I hope this has been of some use to you, good luck.
“FIGHT ON”
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