Asked by Jill Smith, Los Angeles, CA • Mon Jan 19, 2009
Moreover, I've seen some homes where it seems I'd simply be taking over the loan from someone who can't continue to pay their mortage...and I'd then not need the down payment...? I would like to stop renting an apartment, I'm paying more than a lot of mortage payments out there for it, but I've been continuing b/c, in part, I've had difficulty with coming up with a 20% down payment-would like to only search properties like this. Is that possible? I've heard that in some instances, it works out well for the current owner, as, were they to sell, they'd lose more than if they could just pass their mortage loan over to someone new, b/c of the plummeting sale prices of homes. Please inform! Thanks!
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