Home Buying in Raleigh>Question Details

wlalmond, Home Buyer in Raleigh, NC

Buying foreclosure?

Asked by wlalmond, Raleigh, NC Sat Jan 18, 2014

Home I am renting is in foreclosure, owners are not planning to cure default. The remaining balance of the note is easily far below below market value. Is there any way to assume loan or work with note holding bank to buy out note?

Help the community by answering this question:


The options available depend on the status of the default.
Most citizens refer to foreclosure as any distressed sale. That is not the case. The fact you are still there indicates it is NOT a foreclosed home. It is very likely PRE-Foreclosure. this means the current owner CAN attempt to sell the home at market value and below the balance of the mortgage.
It is time to pick up the phone and call a RALEIGH Realtor. Ernie provided this telephone number.
If you are serious, PICK UP THE PHONE AND GIVE ERNIE a call.
(Note: I do not know Ernie)

Best of success,
Annette Lawrence, Broker/Associate
Remax Realtec Group
Palm Harbor, FL
Palm Harbor University High School distirct
1 vote Thank Flag Link Sat Jan 18, 2014

Have you tried working with a lender who may be able to get you approved to by the home from the current home owner before the bank takes any other actions on the home. The loan is probably not assumable. Mortgage rates are still at historic lows so it is still a great time to buy. You may also be able to get into home with low down payment. I would like to talk with you and see how I can help. My contact information is below, feel Free to contact me.

Brandon Moore
NMLS #832169
Waterstone Mortgage
8480 Honeycutt Road
Raleigh, NC 27615
Phone: 919-714-7438
Email: bmoore@waterstonemortgage.com
0 votes Thank Flag Link Sun Jan 19, 2014
Hi, wialmond,

Why don't you just buy the home from the owner?
If you can put some money in his pocket, and get his loan off his back, you may be able to walk into a bargain.

Web Reference: http://www.RealtyArts.com
0 votes Thank Flag Link Sat Jan 18, 2014
This would help avoid exposing the property to the market, where someone else might outbid you to collect the equity.
As a fall back, you might purchase it at the courthouse, if it goes into foreclosure, since the mortgage holder will generally not care about the sales price other than satisfying their lien. This is riskier, in many ways, but may be a way to go.
I would first explore a sale from the owner.
Flag Sat Jan 18, 2014
Loans are not assignable 99.9% of the time and based on extensive experience I doubt you'll find anyone at the bank who can tell you anything. I agree with Annette that the home is preforeclosue and why the owners would not be attempting to worsomething out with the lender is strange though they may know more than their sharing with you.

My guess is that unless the owners are willing to try and help you speak with the lender you're likely going to be unable to accomplish much. I would approach them to see if you couldn't work together to your mutual advantage.
0 votes Thank Flag Link Sat Jan 18, 2014
You can try calling the bank or lender that has the loan but in most cases now, loans are non assumable. Chances are the bank can tell you exactly when the home will be on the market officially and may even work with you on that if they know you are interested. You would have to prequalify regardless with the bank or another lender. If there is any way I can help you personally, please contact me.

0 votes Thank Flag Link Sat Jan 18, 2014
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