How does foreclosure homes work? Take-over someone else's mortgage?
I'm currently looking for a new, cheap place to rent and I went to Craigslist and found some ad such as the one in the link here:http://losangeles.craigslist.org/sgv/apa/637894372.html
In the public notice, it says that the current tenant is 60 days late for wage and any new tenants can "take-over" the house and payoff their current mortgage.
After paying past its sell-by date the mortgage does the house become yours? Because that is a very terrifically good deal!
Is this type of process call foreclosure homes? And how do I know if this is legit and not some kind of scam?
Has anyone done this before and can furnish me some opinions/advise?
Thanks a lot!
Answers:
Do your homework before buying. Check out this site http://www.thehomesteadgallery.com. Click on the blog "Can we Talk" for tips on foreclosures.
watch the news its adjectives a scam, you make payments and never get the house , run dont saunter from that ad
This is a scam. You can make the payments adjectives you want, but the actually property will still belong to the person on the loan. Even if they afford you something that seems to be "title", legaly the mortgage holder will trump the title.
Do not even contact them, they will know you are naive and verbs to try to scam you.
Related Questions:
What's a correct approach to refinance home mortgage?
Talk to a loan officer at a bank or a mortgage broker. A refinance is exactly like an initial mortgage purchase. The paperwork is exchangeable, the fees are identical, everything. Shop around to find the best rates in your local nouns. Warning:...
In the public notice, it says that the current tenant is 60 days late for wage and any new tenants can "take-over" the house and payoff their current mortgage.
After paying past its sell-by date the mortgage does the house become yours? Because that is a very terrifically good deal!
Is this type of process call foreclosure homes? And how do I know if this is legit and not some kind of scam?
Has anyone done this before and can furnish me some opinions/advise?
Thanks a lot!
Answers:
Do your homework before buying. Check out this site http://www.thehomesteadgallery.com. Click on the blog "Can we Talk" for tips on foreclosures.
watch the news its adjectives a scam, you make payments and never get the house , run dont saunter from that ad
This is a scam. You can make the payments adjectives you want, but the actually property will still belong to the person on the loan. Even if they afford you something that seems to be "title", legaly the mortgage holder will trump the title.
Do not even contact them, they will know you are naive and verbs to try to scam you.
Related Questions:
What's a correct approach to refinance home mortgage?
Talk to a loan officer at a bank or a mortgage broker. A refinance is exactly like an initial mortgage purchase. The paperwork is exchangeable, the fees are identical, everything. Shop around to find the best rates in your local nouns. Warning:...