Is there a way to take over a loan on a house the bank will for close on. Instead of the house going to auction can you ask the bank if they will let you make the payments on it. That way they make money and you get a cheaper house. Is it a thing is it not?
Rental Property Investor · Brandon, SD · Member since 2015 · 1k+ posts · 1k+ votes
3y
Yes. This is called a loan assumption. Talk to the bank. Most banks don't like assumptions because they don't know who is taking over the loan. In this case, the bank may view it as preferable to a foreclosure.