Posted on: 17th Aug, 2009 07:50 am
Hi,
We recently found out the house we are renting is in foreclosure. We are considering several options and wanted to know if these will actually work.
We live in Florida, have poor credit ourselves, but, if possibly would like to purchase a home. I have seen several ads for houses that can be deeded over to a new owner and then the new owner makes the payments on the original owner's mortgage "saving" the original owners credit. Does this work? If so, is that something we could do on the house we are currently renting. Of course, these options are offered on "pre-foreclosure" homes. My other question on this is if the house is in pre-foreclosure, there must be some back payments due....how does that get caught up...according to the ads I've seen, they say no down payment?
Any help would be appeciated.
Thanks
We recently found out the house we are renting is in foreclosure. We are considering several options and wanted to know if these will actually work.
We live in Florida, have poor credit ourselves, but, if possibly would like to purchase a home. I have seen several ads for houses that can be deeded over to a new owner and then the new owner makes the payments on the original owner's mortgage "saving" the original owners credit. Does this work? If so, is that something we could do on the house we are currently renting. Of course, these options are offered on "pre-foreclosure" homes. My other question on this is if the house is in pre-foreclosure, there must be some back payments due....how does that get caught up...according to the ads I've seen, they say no down payment?
Any help would be appeciated.
Thanks
i don't believe a word those ads have in them. "saving" their credit is probably too late, anyway; but what do you do about a mortgage? you simply keep paying their mortgage? somehow that just doesn't make sense to me.
the old adage..."if it sounds to good to be true, it probably is" appears to apply to this situation.
the old adage..."if it sounds to good to be true, it probably is" appears to apply to this situation.
Hi babmanatee,
You've mentioned that you have a poor credit. In such a situation, you won't qualify for a loan. It is true that there are lots of ads attracting potential buyers to purchase a home, but the lender would definitely check out whether or not you would qualify for the loan. One of the main criteria to qualify for loans is to have a good credit score and a stable income. As you do not have a good credit score, it would be impossible for you to qualify for a loan.
It would be better if you could stay in a rented property now and try improving your credit score. Check out some simple steps to improve your credit score from the given page:
http://www.mortgagefit.com/credit-rating/credit-repair.html
Thanks
You've mentioned that you have a poor credit. In such a situation, you won't qualify for a loan. It is true that there are lots of ads attracting potential buyers to purchase a home, but the lender would definitely check out whether or not you would qualify for the loan. One of the main criteria to qualify for loans is to have a good credit score and a stable income. As you do not have a good credit score, it would be impossible for you to qualify for a loan.
It would be better if you could stay in a rented property now and try improving your credit score. Check out some simple steps to improve your credit score from the given page:
http://www.mortgagefit.com/credit-rating/credit-repair.html
Thanks
