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ForumsArrowStarting OutArrowWhat would this be called, is it possible even?
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What would this be called, is it possible even?

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  • Posts 1
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Reya Ripet

posted 24 days ago

Hi all. 

I'm wondering what's it called when you offer to buy a house that's about to go into foreclosure?

is it possible to pay the remaining balance on a mortgage (cash) , so it doesn't foreclose?

What would happen after that , who owns the house ?

Thanks

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Check Rosette Top Subjects:
Traditional Financing, Real Estate Finance, and Flipping
  • Posts 318
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Jody Sperling
from Omaha, NE

replied 23 days ago

It is possible to assume a loan, though it is rarer than it used to be. If you assume the loan by paying the remaining balance, you own the property and it does not go through foreclosure. A real estate agent should be able to help you with the process and if you do it, it can be a great, creative way to make a cheap purchase.

Typically, it doesn't work because the owner who is near being foreclosed lacks equity in the house and is underwater.

You may have more luck with a short sale, where you negotiate for the property once it is foreclosed, directly with the bank, at a cheaper-than-retail cost. Best of luck, and I hope you can assume that loan!

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