susie asked:
Due to illness I have accumulated some bad credit. But have a great income now. If the banks are wanting to get rid their inventory, what do they expect now? Is it even really possible to “take over” someones payments, so that they can avoid foreclosure? Do you risk the payments not being credited to you own rating? There seems to be SO many scams out there now,I want to know what the banks position is. Ideas? I don’t know where to start.
Thanks.
Due to illness I have accumulated some bad credit. But have a great income now. If the banks are wanting to get rid their inventory, what do they expect now? Is it even really possible to “take over” someones payments, so that they can avoid foreclosure? Do you risk the payments not being credited to you own rating? There seems to be SO many scams out there now,I want to know what the banks position is. Ideas? I don’t know where to start.
Thanks.
If your good income has allowed you to accumulate good cash, you may be able to negotiate a foreclosure directly from the bank. Assuming someones payments is risky and will require making up many back payments, legal costs added to the loan, possible other judgments and liens, difficulty in obtaining property insurance in your name and the possibility of the loan being called due if the lender chooses. Besides, if the existing owner has a bad mortgage, which they probably do, you wouldn’t want it anyway.
if you have the money, you can almost always find a deal in real estate, but to answer your question about financing, if your bad credit is only medical collections you may qualify for a fha loan , they don’t take into account medical collections or credit score. A lot of the financing available foreclosures give preference if you are going to use the home as your primary residence not an investment property
You are going to need to pay cash. Banks are not lending to even good credit, it has to be excellent.
You can not take over most loans, they are not assumable. Even the assumable ones require lender approval, which you will not be getting any time soon.
look for a repro