Foreclosure in Seabrook>Question Details

Nick, Renter in Seabrook, NH

Hi can i take over payments for someone in foreclosure and move my family in too. Then just make their payments that they can't.

Asked by Nick, Seabrook, NH Mon Nov 8, 2010

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Scott Godzyk’s answer
Nick you certainly could accept there is nothing protecting you from a variety of potential problems. the first is if you did find a seller who would do thiis, you would have to pay to bring them current which could be expensive. Then if you are paying them, how do you know if they are using your money to pay the mortgage? if you pay the bank directly, you have no control over onwership, that owner can sell to soemone else, they could call teh bank and turn the house over to them of take out anothe rloan of the property. the key is you have nothing to secure yourself to that house, no way to guarantee you will be able to get the house deeded into your name. If you could find an assumable mortgage where you take over the mortgage, at leats it is deeded to you and you have all the protections. With just making payments, you have no guarantees...
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0 votes Thank Flag Link Tue Nov 9, 2010
Hi NIck,, Big issues with doing it that way. First in order to make it work you'd have to bring the mortgage current. Then once that is done you can t`ake over payments for one year making sure your checks go to the bank. Make sure if you paid to straighten out the foreclosure that you have paid with your own checking account or that your name is on it. This will help because in a year you will or should have enough as a down payment with the bank to get your own loan to just buy the home. You may even have enough to with pulling it out of foreclosure to just buy it right then.
Be aware that the orginal homeowner may be able to moditify the loan for lower interest rate or if they have a second, make arrangements to have it lowered. There are all kinds of options.. reserach to find the best ones for you.
All the Best
Dave & Lisa
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0 votes Thank Flag Link Mon Nov 8, 2010
Thank you for your question about taking over a distressed homeowners payments and moving into the house. This type of transaction is called making a purchase "subject to" the current owners mortgage. This is a risky endeavor because you may not be granted a clear title.
0 votes Thank Flag Link Mon Nov 8, 2010
You can take over payments, which would in other words means you would be renting the property. Keep in mind if the homeowner is in foreclosure there are past due payments that should be brought current prior to moving in your family. Last thing you want is the bank foreclosing and your family getting evicted. The loan would remain in the current homeowners name and you would be considered a tenant unless the homeowner grant deeds you on title. You would have to refinance or purchase the property to release the current homeowners liability.
0 votes Thank Flag Link Mon Nov 8, 2010
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