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Hi we are currently in a house that we were buying from my father in law as an owner/finance. He wants off the mortgage and our credit score is not approved for a home loan. We have been in this house for over 3 years and have made every payment on time. IS there anyone that buys mortgages and allows you to stay in the home? please help he is ready to just let it go to foreclosure.

jameshogg · Posted: Thu Feb 03, 2011 8:36 pm Post subject:

Hi Stephanie,

It will be difficult for you to get such a person who will buy the mortgage but let you stay in your home. You will have to refinance the mortgage in your name and pay the dues on time in order to save the property.

Thanks

perry · Posted: Fri Feb 04, 2011 12:13 am Post subject:

Hey Stephanie,

Nobody's going to take the risk of buying a house unless there's something in it for them: money.

If your father is considering letting the house foreclose, I'm assuming there's no equity or it's upside down. If that's the case, even if you were in a position to purchase, you'd potentially be hurting yourselves by taking his place.

Short sale, deed in lieu, or stop payments and enjoy the free stay until it forecloses. Loan mods are costly and are rarely approved, or only with teaser rates. Usually it's restless nights until you just make a decision.

You might be able to attract an investor to make a short sale offer to the bank and make an arrangement with him to rent from him for a year or two and then you purchase the home from him. Hopefully he can get a good deal and then make money selling it to you or another buyer in the future, still for less than your father owes today.

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