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I'm currently renting a house and found out that it is in default. Should I approach the owners and ask if they would deed the home to me and I assume the loan? They aren't attempting to pay the back money due.

I am currently unemployed, but could afford the mortgage with unemployment payments - it's better than losing a place to stay.

Thanks

sunnyca2009 · Joined: 04 Aug 2009 Posts: 1731 35.55 Dollars($)

If your current owner has already defulted, then youcna buy from that person afetr they claer thier due with the current lender. The current lender may not relase the lein until they are paid off.

Also since you are currently unemployed, you may not be eligible for the a loan. Normally you will have to show 2 years of employment history to qulify for a mortgage

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Property in Default