Attorney told me to ask the lender for permission.

[Account Closed]

Im gonna do a pre-foreclosure deal. I called some attorneys in my area and one of them said I need the lender's permission to make the homeowner's back payments because if I dont ask for permission im just wasting my time. What do I do? When you buy a pre-foreclosure do you ask the lender for permission? Also, he said the lender will want me to have a good credit as well. What do i do in this situation?

[Ron S.]

Sounds like you are trying to do a subject to? If so, the borrower (Not you) would have to request in writing, approval for a "subject to" transaction with a new owner. I don't know any lender that would knowingly allow a subject to. Other options would be an assumption but like a subject to, i don't know any lender that would allow an assumption. VERY few loans have assumption clauses. Why do an assumption if you can qualify for a loan? You'll have to qualify so, that's probably why this attorney is saying you need good credit (Relative term).  Still others just do it and hope they don't get caught.

What's a lawyer going to do except drain your pocket. It's the lender's call, not the lawyer's.

If you are doing a short sale as someone else opined, your credit means nothing. You paying the back payments mean nothing. You are buying the property for less than the balance of the loan so, that assumes you are getting your own loan or paying cash.