Preforclosure Question??
I ran into this deal where there's good equity on this 3/2/1home (1850 sq ft). there's a loan balance of $55k and the approx. ARV is $120k........ with no liens.......my question was if i get a contract signed and make a letter of hardship.......talk to the mortgage lender to see if i can take over the note.......is this possible?? instead of having to take out a hard money loan?? just trying to be creative here........and sell the home using a realtor right after i do some minor rehab.......
thanks alot,
carlos
Anything is possible. If you think the property is a good investment for you than start moving on it. The worst thing that can happen is they say No.
Lori
[addsig]
If those numbers are accurate, I wouldn't talk to the bank to see if you can assume the loan. Chances are it is not assumable. You have options. You can go to contract and assign the contract. You can purchase the property outright (there is enough equity for you to stomach a HML's fes), or you can sit on it and let it appreciate even more. I am sure there are more options which will follow in furure posts.
Best of luck,
Matt
To specifically answer your question, yes you can assume the loan with the lender's PRIOR approval. That's usually clause 17 or 19 in the mortgage contract. You simply ask them how to accomplish that per their lending policy.
But, first you need the owner's to give you an "authorization to obtain loan information"-in writing and with his/their signatures, loan number, address,etc. You call and get their fax number..
i thank you guys for sharing this info with me......God bless and wish you lots of success
Take it over subject to!
99% of banks dont call the note due if the payments are on time.
Best Riches,
Jeff Adam
[addsig]
You guess are great. ..... everything checked out and i'm assumming this loan. ....do i have to obtain the deed after i bring the loan up to date??? i'm pretty sure i do but just want to double check with you pros.
thanks
When you assume the loan the deed will also go in your name
Good Job
Lori
[addsig]
When you assume the loan the deed will also go in your name
Good Job
Lori
[addsig]
When you assume the loan the deed will also go in your name
Good Job
Lori
[addsig]
When you assume the loan the deed will also go in your name
Good Job
Lori
[addsig]
When you assume the loan the deed will also go in your name
Good Job
Lori
[addsig]