I have a friend that may be going into foreclosure . He ask me to see if I can take his mortgage over is that a good idea.

Asked by Pureairpure, Philadelphia, PA Sun Jan 27, 2013

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Anna M Brocco, Agent, Williston Park, NY
Mon Jan 28, 2013
Is the loan assumable; if so, and before considering the idea, it's really in your best interest to consult with an attorney who specializes in real estate.....
1 vote
Ron Thomas, Agent, Fresno, CA
Mon Jan 28, 2013
Aside from the fact that it is probably a very bad idea; (the house is undoubtedly worth less than he owes!),
Most loans are not assumable.

You'd be doing him a great service,
and you'd be hurting yourself, big time!
1 vote
David Siegel, Agent, Boston, PA
Mon Jan 28, 2013
do you want to owe your lender or his lender the balance on the loan? risk vs. reward. rent or owner occupy. ? will you. qualify? my contact info is in my profile if you want to communicate directly.
1 vote
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