It MAY be an assumption, if it is, contact the people who took the mortgage out originally, my bet is… they have no idea that are being forclosed upon, they (most likely) have the right to redeem the property (read, you get the deed) then take the original owners place, catch the loan up and foreclose on the present occupants.
Posted by Donna_ATL on December 10, 1999 at 14:36:16:
I am looking at foreclosure notices in the paper, and there is one with a 11 year old mortgage, that lists the original borrowers, and then shows another couple listed as successors in title. Is this some kind of contract for deed arrangement, where the buyer has defaulted on a mortgage that is still on the sellers credit?