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Updated almost 7 years ago, 03/15/2018

User Stats

21
Posts
2
Votes
Bailey Mason
  • Indianapolis, IN
2
Votes |
21
Posts

Assuming a Home Mortgage

Bailey Mason
  • Indianapolis, IN
Posted

Hello, I'm trying to buy a property to flip, and I've run into a roadblock.  The owner wants to sell to me, and I'd like to assume her mortgage.  Here's the scenario:  she has 160k remaining balance, and she also has a 30k "Hardest Hit Fund" loan on the house.  She is behind 3 months on her mortgage, so the mortgage company will not send an "assumption package" to even begin the process of signing it over to us.  She does not have the money to get it current.  Any advice? 

User Stats

6,241
Posts
3,800
Votes
Aaron K.
  • Specialist
  • Riverside, CA
3,800
Votes |
6,241
Posts
Aaron K.
  • Specialist
  • Riverside, CA
Replied

Make it current yourself or walk away.

User Stats

464
Posts
179
Votes
Patrice Penda
  • Investor
  • Hoboken, NJ
179
Votes |
464
Posts
Patrice Penda
  • Investor
  • Hoboken, NJ
Replied

What is the house worth?

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User Stats

464
Posts
179
Votes
Patrice Penda
  • Investor
  • Hoboken, NJ
179
Votes |
464
Posts
Patrice Penda
  • Investor
  • Hoboken, NJ
Replied

What is the house worth and what is the purchase offer she has or would agree to?

It matters to figure out what your options are.

User Stats

18
Posts
2
Votes
Jacob Zanger
  • Foreclosure Specialist
  • Freehold, NJ
2
Votes |
18
Posts
Jacob Zanger
  • Foreclosure Specialist
  • Freehold, NJ
Replied

yea you need to pay all the arrears to even do a 'subject to' deal. What is the ARV? Do you have the money to bring current carry the mortgage and pay the contractors?