Foreclosure in 94134>Question Details

Fillmore8, Home Buyer in 94134

How to take over the payments on a defaulted home loan.Foreclouse.

Asked by Fillmore8, 94134 Tue May 29, 2012

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Matthew Goulden’s answer
Hi Filmore,

As you can see from the answers below, do not go this direction or believe what you read in a "how to get rich book" it may work on tax lien properties in "who the heck know's town" but it does not happen here.

Please feel free to call and arrange a time to get educated on the foreclosure market as it happens here in SF and CA.

1 vote Thank Flag Link Wed May 30, 2012
Not gonna happen unless the loan is transferable and you are willing to make up the default amount plus any fees and penalties.

Also, I doubt if the loan balance is less than the property market value.

Oggi Kashi
Broker Associate, Paragon Real Estate Group CA DRE 01844627
All data from sources deemed reliable but subject to errors and omissions, and not warranted.
Web Reference:
0 votes Thank Flag Link Wed May 30, 2012
Fillmore, before you give up, find out what the home is worth and what is owed. As the others have pointed out, they are probably upside down, (owing more than it's worth), but sometimes, and it's rare, the owner may have gotten behind and still could have equity.

Good luck,

0 votes Thank Flag Link Tue May 29, 2012
If the home is in foreclosure, the note is now due in full and you wouldn't be able to 'take over' the loan. As Ron points out if the homeowners are in default they also owe more on the home than it's worth.

Most of the 'take over payments' advocates make their money not from real estate but from selling worthless information to unsuspecting prospective investors. There is no free lunch.
0 votes Thank Flag Link Tue May 29, 2012
Two thoughts for you;
1. You probably cannot take over the payments
2. You undoubtedly do not WANT to take over the payments!

If they have defaulted, they are behind; and with things being as they are, they are probably also upside-down.
AND, they undoubtedly have a higher interest rate than you could get now-a-days.

Think about it.
0 votes Thank Flag Link Tue May 29, 2012
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