Contract Sale Gone Bad...

[arshem]

Hey Everyone,

If I am buying a house on contract, and the person gets foreclosed upon, is there a way to get with the mortgage company and 'transfer' the loan to your name without using a credit report.

Can you even "transfer" a mortgage?

Thanks in advance

Brandon W.

[Loan Doctor]

The mortgage company won't transfer the loan to your name with out going through a sales process. That means that if you cannot deal with the owners of the property-and that should be a fairly easy process. From my experience to negotiate with people in this situation is a simple thing. The faster that they get the sale made, the faster they can start to qualify for another loan,if that is their desire, in 3 years. they are going to get nothing if the home is sold at auction.

Charles