Is there a way to walk into a pre foreclosure and assume the loan or take over payments?

Asked by Bianca Herrera, 89156 Thu Jun 17, 2010

Relocating to Bakersfield and we'd rather own than rent, but we don't have much for a down payment. Need an agent/agency to help us with finding a home in the Rosedale/Stockdale.

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3
Mark R. Barr…, , Bakersfield, CA
Wed Apr 11, 2012
You won't be able assume the loan but we have a few down payment assistance programs that allow you to come in with .5% down. There is CHF Platinum, CHF ACCESS and CHF HELP but the best is CALHFA/CHDAP. Each of these programs have different guidelines and all work well with certain clients. We even have Penfed foundation for VA loans to help with closing cost if the veteran wants to ask the seller to only pay escrow and termite fees. Conventional loans require 3% down. I am a loan broker in Bakersfield so I have all the programs out there.
0 votes
Bart Tipton, Agent, Bakersfield, CA
Fri Jun 18, 2010
Bianca,

If you qualify for a FHA loan, there is only a 3.5% downpayment required. Some properties including HUD homes you can get into with 100.00 down. First thing is to talk with a loan officer and find out what you qualify for and your price range.
You can call either of us and we'll be able to suggest someone that is able to help. Where are you coming from? timeframe? etc.?
Tracey Tipton Keller Williams
661-333-2301
Bart Tipton Keller Williams
661-706-9401
0 votes
Melissa Kakuk, Agent, Irvine, CA
Thu Jun 17, 2010
Most loans don't allow that. I haven't heard of anybody having success in doing that. I imagine you have the income but not the down payment? If you haven't done so already, have you spoken to a lender about an FHA loan or VA loan if you are a vet? Good luck on your home search.
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