Buying forecolsures ?

[hog#head#cheese]

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.

But now they have a million vacant homes with taxs piling up you would think anyone with a job should be able to take one

 

[miplank]

But now they have a million vacant homes with taxs piling up you would think anyone with a job should be able to take one

it doesn't work that way...even in times of economic stability banks aren't going to loosen up the "credit" belt and start handing out loans. Its actually the opposite.

Right now its tougher to get a loan, so you better have damn good credit if you want one at a decent rate.

 

[PICK3]

I'll foreclose your life

 

[hog#head#cheese]

doubtful

 

[ortiz34]

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.

OLOLOLOLLOLOL
I can't believe you asked this question

"Here's your sign"


Hi i am Mr HHC. I would like to buy your house and keep the mortgage you are in, STILL under your name because my credit sucks

Hi, I am Mr. House seller
Please get the f out of my face and off my property



OLOLOOLL this post is so f--n funny I can't even comprehend if it was a joke or not

 

[hog#head#cheese]

Its not that unrealistic

 

[rnch]

i would suspect credit checks will become more intense for home loans, give the current "crisis" in the mortgage market.

 

[hog#head#cheese]

i would suspect credit checks will become more intense for home loans, give the current "crisis" in the mortgage market.

So banks would rather cut fuckin grass and maintain properties than gamble on new money?

 

[rnch]

So banks would rather cut fuckin grass and maintain properties than gamble on new money?

i am trying to buy a repod'd shotgun double in bywater now... getting a loan is much harder now than 2 years ago! no money down loans are impossible to find...PMI (private mortgage insurance) is mandatory for the first year unless more than 1/3 of the mortgage is covered by the down payment... friggin PMI is like $75 to 110 per month!

 

[EZ_E]

So banks would rather cut fuckin grass and maintain properties than gamble on new money?

Yes. Banks don't want to lend mortgage money, EVER.

They only do it cuz the government says they have to.

Banks want to stick with savings/checking/MM accounts, CD's

Also, there is something called an "Assumable Mortgage" which means you can take over the same rate/term from someone, say a family member. It doesn't really exist anymore today.....