Posted on: 04th Apr, 2008 11:52 am
HR National tells me I can a buy pre-foreclosed home, if the owner is willing, by using a quick claim deed. I bring the mortgage current and continue making the payments. This is suppose to help save the credit of the current home owner, and help me buy a house with no credit check. Is this really possible?
Hi Tawnya,
Welcome to the forum.
You can buy a pre-foreclosed property but in that case also your credit will be checked. First see if you can get approved for the mortgage. If you can get approved, then go for it. As you are buying the pre-foreclosed home, you can even assume the mortgage.
Feel free to ask if you have any further questions.
Best of luck,
Larry
Welcome to the forum.
You can buy a pre-foreclosed property but in that case also your credit will be checked. First see if you can get approved for the mortgage. If you can get approved, then go for it. As you are buying the pre-foreclosed home, you can even assume the mortgage.
Feel free to ask if you have any further questions.
Best of luck,
Larry
Welcome Tawnya,
If the bank is approve you to assume the mortgage then you can buy the home. Get confirmed how much you will have to pay monthly on your mortgage. Can you afford the monthly payments because it is seen that people take mortgage and then fine themselves in the trap and cannot afford the mortgage payments.
Let me know if you have any more questions.
If the bank is approve you to assume the mortgage then you can buy the home. Get confirmed how much you will have to pay monthly on your mortgage. Can you afford the monthly payments because it is seen that people take mortgage and then fine themselves in the trap and cannot afford the mortgage payments.
Let me know if you have any more questions.
If you record the deed, it will notify the lender and accelerate the loan.
If you don't record the deed, the owner could give another deed to someone else to record and you would lose your ownership interest.
I would not recommend it.
If you don't record the deed, the owner could give another deed to someone else to record and you would lose your ownership interest.
I would not recommend it.
