Can I "Assume" the Mortgage/

[Brooke T.]

Hello Everyone!

I have VERY recently started acquiring property through judicial foreclosures, where I am bidding on the second position and acquiring the property subject to a first mortgage/DOT ( and a 6 month redemption period). I've always planned on needing to pay the first position, in full, and immediately after the end of the redemption period, as that when title transfers.

Last week I got my first Sheriffs Deed, and called the bank to see if I could negotiate a lower payoff. They weren't interested in doing that, which I expected, but figured I'd give it a shot anyway. Surprisingly, they also weren't concerned to learn that the property had been foreclosed and that title had transferred (I guess this was news to them!) , and weren't trying call it due/exercise Due on Sale clause. I guess they don't care where the money is coming from as long as its paid!!?!

Which leads me to my question....

Has anyone had any experience/success with getting the bank to let you assume the existing loan?

Alternatively, is there a way to get the information need to make the payments and just start sending them in?! I'm not sure how I would get the account number or an answer as to what amount is needed to make the loan current over the phone as I'm not the borrower.

If I can get that info, do they care that the payments not being made by the borrower but by someone else? This bank didn't and I don't know if this is the exception or the rule.

Has anyone had a bank call the loan due because of a title change due to a junior lien foreclosing?

If I can start purchasing the second position based on needing to make the first loan current, but not necessary whole immediately, that will be a game changer for me and I super appreciate any feedback/ experience/ suggestion/ advice anyone has!!

Thank you so much for reading!