Question about taking over mortgage payments?

Question

I'm looking for a place to live and when I look on Craigslist I see all these places stating you can take over mortgage payments on a rent to own home that is in foreclosure, no credit checks, cheap payments...does anybody know anything about theese? Are they legit? Scam? Can it be that easy??

Answer 1

Scam.   You can't legally take over anyones payments.

They are looking to victimize the hopeful.

Houses are cheap right now, credit is low.   Why not just buy something?

Answer 2

Some mortgages are assumable meaning a buyer can take over the seller's mortgage.  However, the mortgage company will do a credit check on the buyer and decide if he/she is qualified to take over the mortgage.  If the house is already in foreclosure then don't move into it because you will just have to turn around and move out.  It sounds like someone got the bright idea that they would rent out their house that's in foreclosure and make a little quick cash.  The person renting it out is going to collect a security deposit and first month's rent and then disappear.  In the mean time the bank that will own the house once the foreclosure goes through will come and kick out the person who moved into the house.  So, don't fall for anything that sounds too easy.

Answer 3

Scam, they get the owner to basically sell them their home without papers and keeping the owner on the mortgage telling them they will make the payments. Get someone like you to make payments to them never paying the mortgage. They get money, the home goes into foreclosure, the owners get screwed and then you have no place to live, the only one that makes out is the scammers

Answer 4

Hm, someone is going to trust you to make payments without verifying that you are able to make those payments. Does that sound reasonable to you? It sure sounds like a too good to be true scam to me.