Foreclosure in Philadelphia>Question Details

Shelton Green, Real Estate Pro in Philadelphia, PA

Can I get a mortgage loan for a property in foreclosurer?

Asked by Shelton Green, Philadelphia, PA Tue Feb 11, 2014

Help the community by answering this question:


Definitely! I would be happy to assist you. When would you like to get started?

You can contact me directly anytime at 267.592.3965. I hope to hear from you soon!

Jo Price, Esq.
Keller Williams Realty Group
0 votes Thank Flag Link Thu Feb 13, 2014
Hello Shelton,

Yes you can. As long as you qualify with credit score and debt to income.
Also as long as you are not the person that is in foreclosure or related to that person.

Alan Openshaw
Cornerstone Lending Inc
Southampton Pa 18966
215 953 0800
cell 267 992 7276
NMLS ID 143960
0 votes Thank Flag Link Tue Feb 11, 2014
If you qualify, the property is available and your purchase price will clear any and all debts and it still appraises, you should be able to. A lot will depend on the condition of the home and type of loan you are considering.
If you are trying to buy the home with a loan at auction, that's another matter. Only hard money lenders provide this type of financing and it's only for short terms, with higher rates & fees.
0 votes Thank Flag Link Tue Feb 11, 2014
I am assuming you think you can buy it. If it actually is in the process of being foreclosed then it is unlikely you will find a lender that will do this unless it appraises for the amount you agree to buy it for. That could stop the foreclosure, but you have to pay off the current mortgage and the house is likely not worth as much as is owed on it or the owner would have already sold it and moved on. You can't buy it for more than it appraises for and the current loan must be paid off by someone if your offer is not enough to pay it off.

Just wait until the bank gets it back and lists it for sale, you will get it for less that way. It could take months before the bank gets it and decides to sell it.
0 votes Thank Flag Link Tue Feb 11, 2014
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