Posted by Mike on January 13, 2004 at 07:07:45:
You can’t just go to a bank and take over a loan. You may want to try a short sale. You’ll need a letter of authorization. Once you get that the bank will give you all the info you need on the house. When you do a short sale you’ll need to work with the seller. You’ll need a hardship letter, tax returns stating they don’t make enough money to pay the mortgage, a contract for sale. Once you make an offer the bank sends for a CMA (appraisal) to see if your offer is fair.
If you find the right bank, who is willing to work with you it makes it easier, but that usually isn’t the case.
You may even want to see if you can get the loan current (once the hoemowners are out of the house) and take over the payments and option it. Or rent it out, refinance it and put some cash in your pocket. There are lots of options if the seller really wants out.