Anonymous
Posted on: 03rd Oct, 2008 06:34 pm
i need help, not sure what to do. we have found a house that needs rehabilitation, but we have no money for down payment. currently the homeowner is 6 months behind on payments, but no foreclosure proceedings have begun yet. what is the best route we can take? can we take over payments, then refinance? or is there a better way?
Well sherrigarrett, frankly speaking you shouldn't go for this house because as it is the owners are 6 months behind on payment and what if they don't pay anything and the lender demands payments from you now that you may be taking over the house. However, if you'd like to take over payments, then you'll have to refinance the loan in your name and get your names on the deed as well. But do you think you can really afford the payments or else why would do a refinance? A simple loan assumption would work here.
Regards,
Jessica.
Regards,
Jessica.
I can afford the payments as is, at $572 per month. The refinance would allow us additional funds to pay off the house and make necessary repairs to the flooring and roof. There was also an addition that was added on improperly, so that would have to go.
With the condition of the house, the best scenario for the bank is to let us take over. Otherwise, she is thinking bankruptcy to get out of the mortgage.
With the condition of the house, the best scenario for the bank is to let us take over. Otherwise, she is thinking bankruptcy to get out of the mortgage.
Well, as I have read through your situation, I feel if you can afford the payments, then you may very well take over the house. But then are you going for cash-out refinance as because you've spoken about extra cash to make repairs?