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I've seen advertisements to take over the mortgages from owners struggling to make it. All you do is assume their payments and they called it pre-foreclosure. It doesn't make much sense to me and it seems fishy. For example I saw a house where the payments were $675 a month with about $134,000 left on the mortgage. Payment was 3 months overdue. It seems a good deal assuming the house is worth under $134,000 but it seems too easy and too good to be true. No down payment and stuff I assume (although I'm sure I'm wrong on this point) What is the likely catch or is it a good deal that helps keep a family from being foreclosed on and going bankrupt?
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