Buying forecolsures ?

[hog#head#cheese]

Is it possible to just take over payments with no credit involved?Just curious as I am in need of new home but my credit is in disaray at the moment.

 

[hog#head#cheese]

Sorry,Foreclosures

 

[bw1]

No

 

[miplank]

I don't know for sure, but I would think not.


I can't imagine a bank sitting on a house would want to turn it over to another person with credit problems.

 

[hog#head#cheese]

No

Explain fruitcup

 

[hog#head#cheese]

I don't know for sure, but I would think not.


I can't imagine a bank sitting on a house would want to turn it over to another person with credit problems.

Why not?its better than being vacant

 

[silverstar1025]

I know around here lots of people are renting them out.

 

[hog#head#cheese]

I know around here lots of people are renting them out.

Rents here are threw the roof,Id rather own again

 

[miplank]

Why not?its better than being vacant

too me it seems like they would be perpetuating the cycle...


Then again...I don't know what your credit situation is, maybe its not that bad.


But the reason their are so many foreclosures right now is banks were approving everyone for home loans and when the economy tightened its belt they had to bail.

 

[bw1]

Explain fruitcup

I deal with this everyday, as I represent investors buying non-perfoming notes from a bank trader. I won't even bore you with the details. Really simply in "todays" times with the disater the lender market just went through it would be impossible to get a defaulted loan with no credit.