Foreclosure in 33028>Question Details

Marcoe10, Home Buyer in Pembroke Pines, FL

Taking over a mtg

Asked by Marcoe10, Pembroke Pines, FL Fri Jul 29, 2011

I wanted to know if my landlord stopped paying his mtg.and his plans were to try a shortsale or just walk away..If he agrees to it, can i take over the mtg? becoming the new owner?I've paid on time for 2 yrs on time never late. Would the bank agree to the transfer? Has anyone seen or heard of this before.

Help the community by answering this question:


It's not only VA loans that are assumable - very old FHA loans are too, however you're not very likely to find any. As a few have already mentioned, start by talking to your landlord and find out what his/her intentions are. If you're interested in buying the place, talk him/her into a short sale. You certainly don't want to assume it if it's higher than the value of the home.

Also, consider talking to the lender. It is true that your chances of assuming the loan is very low. However, depending on the lender and your ability to pay the loan, a lender might do something out of the ordinary for you. It has happened. Nothing ventured, nothing gained.

Good luck!

Tchaka Owen
Keller Williams Realty Professionals
0 votes Thank Flag Link Mon Aug 1, 2011
Banks don't usually lend money... they merely find a buyer that fits the guidelines for a mortgage they can immediately sell to Fannie Mae or Freddie Mac.

If your credit score isn't high enough or your income isn't verifiable then you probably cannot get a mortgage, except from a Hard Money Lender (i.e. a Loan Shark).

The company your landlord is making his (or not making) mortgage payment to is probably not the actual owner, but a mere "servicer" collecting the payments for the lender. You can search MERS to see who owns the mortgage here:

Then try NACA to get qualified for their "special" breed of mortgage or also contact a credit union.

The banks don't really care if you pay your rent on time if your credit score isn't sufficient to get an investor to take a risk on you, sorry.

So, go to and take his Financial Peace University at a local place in Pembroke Pines and you may find it's the best $100 you've ever sent. I'm not a bible thumper but Dave Ramsey is genuine and has good practical, no nonsense advise about getting yor financial house in order. Wish I'd found his teachings about 10 years ago!

Good luck and get things in order so you can explore all available properties once you're ready to buy.

All the best,
0 votes Thank Flag Link Fri Jul 29, 2011
Thank you all for your feedback. The issue here is that I suspect the owner is looking to walk away from the house. Or attempt to put on a short sale. I've been asked to move out by the end of my lease. I've been paying the rent on time for the past two years so thought the bank would consider signing the house over to me, granted the owner agrees in order for him not to get hit on his credit. I am under the assumption that the bank would rather pass the house to someone that has been paying rent, which i am certain is over what the mtg is, rather than selling it on shortsale or foreclosing which is costly. I don't have the capital to buy the house out which is why i can't wait for him to place it on shortsale. The idea was to help save his credit from defaulting on the mtg and so that i don't have to move out as we love the house..
0 votes Thank Flag Link Fri Jul 29, 2011
Speak to your landlord and ask to speak to his lender if he's open to it and explain what you're looking to do. Chances are someone will listen to you.
Web Reference:
0 votes Thank Flag Link Fri Jul 29, 2011
If the owner's current mortgage is above the value of the property, why would you want to pay more for the house than it is worth?

Most are not assumable.

You can buy it in a short sale, however. If you have credit issues that may prevent you from getting a mortgage, you may want to look into NACA. Decide on a Realtor, first, and then have your chosen Realtor input your details on If you don't have your Realtor input your details then you will be required to work with a Realtor that has been chosen for you!

Hope this helps.

0 votes Thank Flag Link Fri Jul 29, 2011
Why not approach your landlord and ask regarding your interest to purchase; as for taking over the mortgage, is the mortgage assumable...
0 votes Thank Flag Link Fri Jul 29, 2011
Unless it is a VA loan, mortgages are not assumable, I wish they were, Realtors could have avoided the last economic disaster if they were all assumable! As far as knowing whether your Landlord is going into foreclosure, except for search for records on the local court clerk website or the note posted to the door, you don't know if they are in default. Keep close tabs on what is happening, and ask out right to the Landlord if they are in a Foreclosure proceeding! Hopefully they wont lie to you!
0 votes Thank Flag Link Fri Jul 29, 2011
My son in Missouri just went thru the same thing; Uncertainty, no information, silence, rumor, visitors, whom do I pay my rent to, more visitors, changes new owners!

I would seriously doubt that you can assume their loan, and that is probably confidential anyway.
Your best best would be to contact a Realtor and have them research it for you.

Good luck and may God bless
0 votes Thank Flag Link Fri Jul 29, 2011
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