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Updated about 12 years ago on . Most recent reply

Steven Price jr's profile image
Steven Price jr's profile image
Steven Price jr
  • from Takoma Park, Maryland
  • Member since Aug 3, 2011
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Steven Price jr's profile image
Steven Price jr's profile image
Steven Price jr
  • from Takoma Park, Maryland
  • Member since Aug 3, 2011
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Steven Price jr
  • Takoma Park, MD
4
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Foreclosures

Assuming a Mortgage

Steven Price jr
  • Takoma Park, MD
Posted

Hi Folks, I was thinking about assuming a mortgage of a deceased owner the family wants nothing more to due with the home and is now in pre-foreclosure i plan to flip it for a profit but i wanted to know what step i need to take , Im asking what did or how did you go about assuming a mortgage

What should i do ?

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Rick H.'s profile image
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Rick H.
  • #4 Marketing Your Property Contributor
  • Lender
  • from Greater LA/Orange County area, CA
  • Member since Mar 26, 2012
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Rick H.'s profile image
Rick H.'s profile image
Rick H.
  • #4 Marketing Your Property Contributor
  • Lender
  • from Greater LA/Orange County area, CA
  • Member since Mar 26, 2012
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Rick H.#4 Marketing Your Property Contributor
  • Lender
  • Greater LA/Orange County area, CA
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Rick H.#4 Marketing Your Property Contributor
  • Lender
  • Greater LA/Orange County area, CA
Replied

How on earth do the numbers work? Is this a multi- million dollar property where $200k in back taxes added to a mortgage still leave lots of equity? You want to assume this for what reason?

Am I missing something?

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