Foreclosure in Medford>Question Details

Shannon, Other/Just Looking in Medford, OR

can you offer a loan holder back taxes for a house you are renting if house is going to forclose?

Asked by Shannon, Medford, OR Wed Jan 7, 2009

I'm renting a house. The landlord came today and said he was going to give the house to the bank unless I wanted to assume his loan. Because the property value has decreased since the landlord purchased the house and he is in the rears on taxes $5000, It is not good investment. But what if they forclose how long do I have to move? Can I offer bank back taxes for the property and be done. House is in Medford Oregon.

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Answers

3
Shannon,
If the present owner is going to walk and want you to assume ownership we suggest that you proceed cautiously. You have no idea of the extent of the total debt associated with the property.
0 votes Thank Flag Link Thu Jan 8, 2009
You can assume a loan you have to qualify lender approval.

Paying back taxes take over property does not make the bank whole, the bank would foreclose on property if you are not qualified to purchase a home. GREAT THOUGHT if it only worked.

The home has to go thru foreclosure procedures lenders quickly act OR can take awhile prior to house legal transfer to property back to bank. TIME is unknown, however when property does go foreclosure you will be served notice to vacate home without eviction process many times lender will offer a cash settlement for you move.

Sorry to hear about all this.
Web Reference: http://www.lynn911.com
0 votes Thank Flag Link Wed Jan 7, 2009
No.

The bank is going to want all of what they are owed on the property. It is probably thousands of dollars.
They will want you out immediately most likely.

Maybe not.

Be careful here Shannon. Protect yourself.....

Hope it works out for you.

Regards;

Dirk Knudsen
Re\max Hall of Fame
Web Reference: http://www.theknudsens.com
0 votes Thank Flag Link Wed Jan 7, 2009
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