Foreclosure in 19033>Question Details

George Heard, Other/Just Looking in Logan Township, NJ

how can i assume the mortgage of a house going to foreclosure?

Asked by George Heard, Logan Township, NJ Tue Jun 16, 2009

This house is going to foreclosure in the next month or two. The current owner would be willing to rent the house.

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Jamal Purcell’s answer
Hi George and Happy Holidays. Thank you for you question. Unless the original mortgage was FHA then it probably is not assumable. If the loan is assumable one would have to bring the mortgage up to date which would involve paying all attorney fees, interest & penalties. An agreement of sale would have to be submitted to the Bank for their acceptance. Once accepted then the sherrif sale would be cancelled and a settlement would be scheduled. An assumption package would be created by the Bank and the Buyer would be responsible for those fees involved in addition to the normal settlement costs. Keep in mind, if there were other liens on the property the new buyer would have to accept those debts as well. I hope my answer was helpful to you. If I can help you futher please feel free to contact me Direct # 484-432-3525. Email.
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