Posted by Ed Garcia on December 07, 2000 at 10:11:27:
Nicholas,
Once the bank takes a property back, it is call an REO (Real Estate Owned). The previous loan no longer exists. If you want the bank to finance the deal for you, you would have to agree on new terms and conditions. If you want to assume an existing loan, then you would have to cut a deal with the previous owner who fell behind, before or during the foreclosure proceeding.
Ed Garcia
Getting Mortgage Info on a bank owned property - Posted by Nicholas Mink
Posted by Nicholas Mink on December 07, 2000 at 09:44:23:
I am new in investing and have a couple questions about where to obtain information about a bank owned property. If the mortgage is assumable, what is the best way to find out how much the mortgage is for, what the % is, and how many years are left on the mortgage. I want to find out where to go to obtain this info. Thanks in advance for any guidance!
Best,
Nick
Re: Getting Mortgage Info on a bank - Posted by chris
Posted by chris on December 07, 2000 at 12:16:09:
ed,
In this situation what is the negative for the person that allows you (us) to assume their loan?