Foreclosure in Philadelphia>Question Details

Antonea Hins…, Home Buyer in Philadelphia, PA

Can I take over mortgage payments if I am a renter?

Asked by Antonea Hinson, Philadelphia, PA Fri Sep 30, 2011

my landlord is not making his mortgage payments, even though I pay rent every month, is there any way that I can pay the bank what is owed and then stay in the house or will I be forced to move

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Answers

7
Hi Antonea,

If you have received foreclosure paperwork from the bank, do not pay anymore rent to the Landlord. You should go to your bank and set up an escrow account. On the 1st of every month, deposit rent into that escrow account.

I can certainly contact the bank and try to work out a short sale for you. The bank would definitely rather sell you the property which you occupy than have to foreclose and evict you.

Please call me at your earliest convenience so we can arrange a time to meet and discuss your situation. I'd be glad to help you buy the house. I'd take care of all the paperwork and negotiating with the bank for you.

You can reach me directly on my cell at 267-254-7994. I look forward to speaking with you soon. Have a great weekend.

All the best,
Larry Lichtman
REALTOR, Property Manager
Cell/Text: (267) 254-7994
Web Reference: http://www.DJCRE.com
1 vote Thank Flag Link Fri Sep 30, 2011
Antonea

simple answer - NO. furhter simple question...how close is the property to foreclosure ?

this is very important to you. the bank has more rights than the tennant, and if they foreclose could chuck you out in the street with very little notice.

if i were you, i would be looking to move somewhere else.

the complicated answer is....what you want is sort possible, but not as you suggest. it is probably more complicated than moving.

DO NOT EVER pay someone elses mortgage. all you can do is lose, becuase you still owe the rent, and in any case, you don't own the house so all you are doing is paying off someone else's loan, without getting any legal security for yourself. the bank

if you want to try to buy the home, and stay here....

the best answer is....get yourself pre-approved for a mortgage, with a reputable company. if you cannot get approved for a mortgage, then the entire question is moot. if you can,

approach the owner to buy the property from them. for your own security, make him/her show you their mortgage statement on the property so you know for sure if this is a short sale or not. enter into a binding agreement of sale for the property, with short sale addenda if needed.

IF A SHORT SALE - DO NOT DO THIS WITHOUT AN AGENT OR ATTORNEY. ONLY USE AN AGENT OR ATTORNEY WHO IS ALSO EXPERIENCED IN SHORT SALES.

if it is not a short sale, i would still suggest you use an agent or attorney, but the need is less critical. but since the owner is at least a little behind...its crazy to NOT use an agent or attorney. an agent does not cost the buyer any money. why would you not want professional advise on the biggest financial move in your life, that is essentially free to you.

i am glad to serve you and your landlord if you wish. i have completed 5 short sales or REO sales this year, inside the city limits of Philadelphia. I know the city, and also short sales.

whether or not you chose me, this is not the time to use your friend who does 3 transactions a year, and who has heard of short sales, but never done one, and is sure they can help out. that's a bad decision. short sales are difficult even for the agents who know how to bring them to a close, and require patience by all parties.

call / write / text if you would like to talk further but privately.

john leonard
long & foster real estate
610-742-9389
john.leonard@lnf.com
0 votes Thank Flag Link Sat Oct 1, 2011
Call an attorney. I understand your good intentions but it's not as simple as just making his payments. Have you approached your landlord and told him what you want to do?
0 votes Thank Flag Link Sat Oct 1, 2011
Are you sure the owner is delinquent? Have you talked to him/her? He/she might be able to pay the account and avoid foreclosure. You can contact the bank and see if they will allow you to assume the mortgage. The present owner has to be consulted regarding this. The present owner may not agree to you doing this because he/she has money invested in the property and might want you to pay him some monies before he/she will allow this action. Then in order to get financing, the home must be in good condition. Only you can answer that. Also, check in the area for other homes that have sold recently. The mortgage balance may exceed the value and you don't want to pay more than its worth. I think you should start saving for a down payment to either rent someplace else or a downpayment for a home without all the drama that this scenario may create.

Janise Williams
Common Ground Realtors
3937 Chestnut Street
Philadelphia, PA 19104
215-222-2300 x251
C) 215-837-7989
0 votes Thank Flag Link Fri Sep 30, 2011
Let me understand this you want to make payments to the bank instead of your landlord which will help save the property from falling in defult. Why? You will not get title to the property. and the lease is with the landlord not the bank. so both would have to agree. Save yourself alot of hartach and start look for another house to rent or buy interest rates are good, houses are available, and there are 100 REALTORS waiting to work with you But if you still want to do that call me and I'll meet with you and my Brokor and try to do what you want and make it work for you.
Phil Cunningham
V.I.P. Realty Corp
215-725-5700 X49
0 votes Thank Flag Link Fri Sep 30, 2011
Hello Antonea,
You will have to qualify for assumable mortgage with your landlord's lender in this case.
But, its true, your options very wide if you wish to consider the purchase of a home. You may then also apply for FHA loans with low down-payment especially if its your first home purchase.
Please feel free to call me if you wish to search for your new home.
Dmytro V. Bova
Realty Mark - The Diamond Group-Real Estate Sales
Main Line Investors Group - Property Management
700 E. Township Line Road, Suite 100
Havertown, PA 19083
Tel: 610-348-8389
Tel: 610-449-1919 x.223
Fax:484-453-8313

Dmytro V. Bova
Allstate Insurance
227 Haverford Avenue
Narberth PA 19072
Tel: 610-747-0700
Cell: 610-348-8389
Fax: 610-747-0730

Notary Public


Never Stop Building
0 votes Thank Flag Link Fri Sep 30, 2011
You can consult and attorney and you can also discuss with the landlord. Sometimes loans can be assumed (rarely, fha and va loans). Perhaps you may want to look at purchasing a home in the neighborhood. Many homes are now chepaer to buy than rent
0 votes Thank Flag Link Fri Sep 30, 2011
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