Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Hello. Someone mentioned the idea of trying to buy a home labeled as a "distress sale". Basically its someone that cannot afford the payments and want to get out of the mortgage before foreclosure.
Here is my dilemma. I dont have $75,000(20%) in cash for a down payment on a home. But I do have excellent credit, which the bank will let me "take over" a distressed mortgage. So is anyone trying to get out of his or her mortgage? What are some pros and cons of the above subject?
Thanks.
I would not really go that route if I were you. The bank is probably not going to allow it, and if you try to do it without their knowledge and they find out, they will call in the loan. There are still several good programs for people like you with excellent credit, but not a lot of money to put down. Check with your mortgage banker, if you have one. If you need a recommendation, please PM me and I will be glad to give you somebody.
I would say hire a professional firm. I actually did this with a company in philadelphia, US mortgage mod. They were amazing, a+++. PM me and I will give you the contact info for Tom Mcgehan
I would say hire a professional firm. I actually did this with a company in philadelphia, US mortgage mod. They were amazing, a+++. PM me and I will give you the contact info for Tom Mcgehan
As I was reading this, I happened to also hear a report on CNBC about mortgage modification firms. The state of California is investigating the business practices of over 250 of them. According to the report, most are just total rip offs, who take your money and don't deliver anything. Most are staffed by former sub-prime loan brokers. Be very cautious.
As I was reading this, I happened to also hear a report on CNBC about mortgage modification firms. The state of California is investigating the business practices of over 250 of them. According to the report, most are just total rip offs, who take your money and don't deliver anything. Most are staffed by former sub-prime loan brokers. Be very cautious.
Amazing. It appears that no matter what, some people refuse to try to make an honest days living.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
