how can I take over a mortgage from a foreclosure with ery bad credit

(0) | asked by: Brfian Loud | share | 34 months ago | Report

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answer by Barbie Hintz   |   Visit My Website   |   Contact Me
You can't. What are you trying to accomplish?
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34 months ago  |   Report   |   share
answer by ALVIN KING GRI, B.A.   |   Visit My Website   |   Contact Me
If you are referring to assuming the loan, it probably won't happen. You will have to qualify for a new loan.
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34 months ago  |   Report   |   share
answer by Melinda Johnson   |   Visit My Website   |   Contact Me
You are correct John, in regard to the Buyer's best interest, it would a shame to not take advantage of the low interest rates right now, a loan assumption could involve a much higher interest rate.
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answer by John Pinchiaroli   |   Visit My Website   |   Contact Me
The decision is made by the current mortgage holder. They will decide if the current mortgage may be assumed by a new buyer. However, the assumption of the existing mortgage may not be in the best interest of the new buyer. The potental buyer should contact a Realtor for a list of top notch mortgage providers whom the Realtor has worked with in the past.
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answer by Ken Anderson   |   Visit My Website   |   Contact Me
The short answer is no you can't. that doesn't mean there aren't ways to buy property. When you don't have money or credit then the choices lessen but often there are still some. Ken Anderson
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answer by ALVIN KING GRI, B.A.   |   Visit My Website   |   Contact Me
You will have to Qualify for a new Loan. You should check with a Lender in your area for credit approval. Your credit might not be as bad as you think it is!
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answer by David Tedoni   |   Visit My Website   |   Contact Me
Annette and Melinda answered your question very well. You will need to get a new loan and if you are the one with very bad credit it will probably be tough. The first step is to see what you qualify for. If you need a local, reputable lender to talk with let me know.
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answer by David Tedoni   |   Visit My Website   |   Contact Me
Annette and Melinda answered your question very well. You will need to get a new loan and if you are the one with very bad credit it will probably be tough. The first step is to see what you qualify for. If you need a local, reputable lender to talk with let me know.
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34 months ago  |   Report   |   share
answer by Melinda Johnson   |   Visit My Website   |   Contact Me
A bank that has foreclosed on a property wants a cash buyer or a buyer who has been approved for a mortgage. As Annette mentioned, if you cannot qualify for a mortgage, it would be hard to 'assume' any loan and virtually impossible to assume a bank-owned property, as a bank will not consider anything other than receiving 'cash', either from monies from a buyer or a buyer's lender.
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34 months ago  |   Report   |   share
answer by Annette Canale   |   Visit My Website   |   Contact Me
You will need to qualify for a new mortgage.
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