Paying for mortgage after buying Foreclosures

The property is now yours. You can do whatever you want with it. You can either sell it, rent it or do some rehab and flip it for more profit. You don't have to hold on to if you don't want it, but you should have known what you want to do with the property before you bought it. Good luck and happy investing!

Lloydap

Knowledge without Actions is just a wish!

so I would say yes - you are stuck with your own mortgage unless you sell it or rent it

sorry I'm a bit lost since theres so much to learn in real estate but Thank you so much... =)

Yes, there are so much to learn, but we're all here to help each other out. Feel free to ask any questions that might help you with your new real estate investing. Good luck and welcome aboard!

Lloydsap

Depends on what you mean by foreclosure and how you buy it.

If you buy an REO, then the bank owns it free and clear. So if you pay cash then you also own it free and clear. If you get a mortgage then yes you are stuck with the mortgage.

If you buy on the courthouse steps then they want you to pay cash. So no mortgage.

If you buy a pre-foreclosure, again it depends on how you buy it. If you pay cash there is no mortgage. If you get a new loan then you are stuck with that loan. If you take the property subject to the old loan then you are stuck with that loan till you sell or refinance.

"After buying the foreclosure home are you stuck with the owners mortgage?"

are you asking that after YOU buy a foreclosure house that will YOU be stuck with the OWNERS mortgage? (the owner that got foreclosed on)

answer is No....when you buy it you are basicly paying off that old mortgage and will be getting your own new mortage or will be paying cash (no new mortage).

I am a new student and am about 3/4 of the way through the book. I am trying to find ....

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Post nuked for hijacking. Please find an appropriate topic to post this in or create your own. Your post was not directly related to the original topic.

I think that was a fantastic answer. I agree that:

1. Buying "Depends" on what you mean by foreclosure and how you buy it.

2. The REO, the bank owns it (said property) free and clear. If you pay cash then you also own it free and clear. And subsequently, if you get a mortgage then yes you are stuck with that mortgage.

[ You can present a lower offer to the bank also, provided the offer is fair:
If you can explain the advertising costs and broker fees the bank will save by allowing you (the buyer) to take it off their books, for a lower, but "fair" price, everyone 'wins'. ]

3. If you bought on the courthouse steps they want you to pay cash; (i.e. no mortgage).

4. A pre-foreclosure, again, depends on how you buy/bought it. Pay cash: no mortgage. If you get a new loan you are stuck with that loan. If you take the property subject to the old loan, you are stuck with that loan, until you sell or refinance
[ i.e., create a new loan replacing the old (original) loan, stated by Hazco Investments. ]

I think your answer is great.
Thank you so much for posting it.

- quicksilver

additional references/more reading:
"Buying Bank Owned"
http://www.deangraziosi.com/forum/32
Posted on: Thu, 05/29/2008 - 00:06
anitarny
DG Superstar / Inner Circle